Administration - empty property rates
Companies in administration are to get a permanent exemption from empty property rates.
The Scottish Government has recently issued a draft statutory instrument – (the Non-domestic Rating (Unoccupied Property) (Scotland) Order 2008 – which is scheduled to come into force on 1 April 2008.
The Order will mean that properties which are owned or leased by companies in administration and which are empty for a continuous period of more than 3 months will be exempt from business rates.
This means that for rating purposes companies in administration will be treated in the same way as companies in liquidation and individuals who are bankrupt.
It was also announced by the local government minister that similar legislation is to be brought into England and Wales.
These proposed changes in legislation support the rescue culture and will be welcomed by the insolvency profession.
FOR FURTHER INFORMATION PLEASE CONTACT: GORDON HOLLERIN
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