Calls for tax on empty properties - commercial mortgages

25 June 2008

In news that may interest those with commercial mortgages, empty commercial premises should be subject to taxes, it has been suggested.

In a letter to John Hutton, the secretary of state for business, chairman of the North West Development Agency Bryan Gray has called for the government to raise taxes on unoccupied commercial properties, the Liverpool Daily Post reports.

He called on the government to "review" its stance on the subject, suggesting that such a move could reinvigorate the market.

"Speculative build has virtually disappeared in England, partly as a result of this decision. As there is little tax take to be lost from this decision, we believe it would help stimulate recovery in confidence in the property market," he said.

Furthermore, Mr Gray called upon the government to review its strategy on stamp duty for residential premises.

It was reported in the Birmingham Post last week that commercial property market in the Midland''s city could be boosted by a revamp of the New Street railway station.