Landlords in Liverpool tax ‘leeway’ scrap
Thousands of property owners and investors are likely to be hit by a Liverpool council decision to scrap discounted rates on empty properties.
The decision, which is to go before the executive board this week is likely to boost council coffers by £3.6 million a year, reported icLiverpool.
Property owners are currently given six months' leeway when buildings become vacant, before they must start paying 50% of the council tax bill, but after the new financial year the reduction will be scrapped.
As well as boosting council coffers, the plan is intended to put an end to ‘land-banking’ where developers buy up sites and leave them untouched until the property market has improved and they can sell them on for large profits.
However, critics have called the proposal ‘anti-business’ and claim it will discourage investors from buying property in the city, undermining the council's recent pledge to become major players in inward investment.
Thousands of property owners and investors are likely to be hit by a Liverpool council decision to scrap discounted rates on empty properties.
The decision, which is to go before the executive board this week is likely to boost council coffers by £3.6 million a year, reported icLiverpool.
Property owners are currently given six months' leeway when buildings become vacant, before they must start paying 50% of the council tax bill, but after the new financial year the reduction will be scrapped.
As well as boosting council coffers, the plan is intended to put an end to ‘land-banking’ where developers buy up sites and leave them untouched until the property market has improved and they can sell them on for large profits.
However, critics have called the proposal ‘anti-business’ and claim it will discourage investors from buying property in the city, undermining the council's recent pledge to become major players in inward investment.
posted by tony at 6:58 PM
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