A leading Rating expert has welcomed the Government’s decision to carry out a full review of the Empty Property Rates (EPR) legislation introduced in April 2008.
John Hayward, Head of Rating at National firm of Chartered Surveyors Eddisons, said the legislation was ill conceived and has hampered new development since the start of the recession.
‘The introduction of the new legislation was poorly timed when demand in the property market was falling dramatically and the credit crunch was beginning to bite.
‘There is no doubt this has had a negative affect on new development and with finance still constrained any reduction in the tax burden to small businesses would be very welcome news.’
The Chancellor of the Exchequer, George Osborne, has agreed to set up a working party, led by York Outer MP Julian Sturdy and six parliamentary colleagues.
The proposals are expected to include a three year exemption from rates for new development to encourage regeneration and full rate relief for low rateable value properties, which are typically occupied by struggling smaller businesses.
Mr Hayward said: ‘There is still a long way to go but I am hopeful the working party will take on board the concerns of the property industry and react accordingly.
‘In the meantime we will continue to work closely with our clients to formulate the right Empty Property Rates strategy to help them maximise savings.’
Richard joined Eddisons in 2003 and has been the Managing Partner since 2012, a role that sees him lead the strategic direction and development of the business under the ownership of Begbies Traynor Group plc. Richard has been instrumental in the growth of the business which has seen turnover more than double since 2008.
In addition to his role as Managing Partner, Richard continues to play a vital role with key clients, particularly in the banking sector, where he is a trusted adviser to major high street clearing banks. Over the last eight years, Richard has been appointed LPA Receiver on many high profile properties and assists in the recovery of distressed loan portfolios.
Prior to joining Eddisons, Richard worked in the real estate division of a 'Big Four' firm where his notable assignments included the privatisation of Saudi Telecom for flotation on the New York Stock Exchange.