Empty homes cost owners £1.1bn

Letting agents and landlords paid £1.1 billion in business rates on empty buildings in 2012, figures from the Taxpayers' Alliance (TPA) have revealed.

This represents a growth of 19 per cent on the amount collected in the previous tax year.

Property owners in the City of Westminster were hit hardest, paying a total of £100.7 million.

Tower Hamlets was the second most affected London borough, with a total cost of £18.3 million.

Other areas where homeowners paid high empty property rates include Northampton, Liverpool and Newcastle-upon-Tyne.

Matthew Sinclair, chief executive of the TPA, commented: "It is extremely unfair that property owners are being hit with enormous business rates on properties which are empty, with no rent coming in that they can use to pay the bill."

He claimed the tax is "ruining" elderly people who invested in rental property to try to fund their retirement and said the threat of empty building rates is deterring people from entering the industry.

Article taken from www.rman.co.uk
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