On 1 October 2013 the Government introduced a new scheme of relief against payment of business rates on empty commercial properties. Announced as a means of stimulating construction and confidence in the sector, the broad consensus from across the commercial property industry is that this is an opportunity missed.

There have been consistent calls from across the commercial property sector for reform to the empty rates regime, since the last changes made in 2008 which served to dramatically cut the availability of relief.

A brief analysis of the detail of the scheme explains the mood of disappointment in the industry.

The new scheme applies to all newly-built commercial properties, where construction is completed between 1 October 2013 and 30 September 2016. These properties will enjoy empty property rates relief for the first 18 months, running from the date of completion of construction.