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Rate relief could reignite Cambridge development market

wantspacegotspace.co.uk - Rate relief could reignite Cambridge development marketCambridge-based commercial property consultants Januarys has welcomed a new ruling that will cut property rates for empty commercial new builds.

Chancellor George Osborne announced in his autumn statement that the Small Business Rates Relief Scheme will be extended for another year from April 2013 to April 2014. Going forward, all newly-built commercial property completed between 1 October 2013 and 30 September 2016 will be exempt from paying the rates for up to 18 months, subject to state aid limits.

Graham Smith, director of professional services at Januarys, said: “This decision will have a significant impact on those looking to develop property. These rates have been causing some stagnation of development and it’s encouraging that the government is now taking steps to prompt developers to start building during these tough economic times.

He continued: “Extending the period to two or three years would have been a tremendous boost. We await the full details of when this proposal will be rolled out and exactly how new construction work will be defined.”

The historic dispute surrounding empty property rates has focused on the potential reduction in government revenue to help boost the property market.

Posted by The Editor (wantspacegotspace) on 3rd February 2013

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