INDUSTRY NEWS

Concerns raised over empty property tax

Commercial property giant Segro has expressed concerns about the government’s new tax on companies with empty buildings.

The changes came into force in April of this year but Segro claims it has already cost the firm £2 million.

Ian Coull is calling for the tax to be reconsidered stating that it was “never a sensible idea”.

Speaking to the Independent he said that it was even more “stupid” considering the current economic climate which is already seeing businesses struggle.

“I feel very strongly about it,” Mr Coull said.

“It is an unfair tax. It penalises regeneration opportunities and it is then that buildings will get demolished more quickly and we are seeing signs of that already.”

He added that the tax had been one of a number of factors which had forced his company to demolish 450,000 sq ft of empty buildings.

Earlier this week, the Guardian reported that government advisor John Nicholls said the demolitions caused by the commercial property tax had left parts of the country “looking like a bomb site”.ADNFCR-1329-ID-18753050-ADNFCR

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