Empty Property Rates not working as intended

A RICS report has found

“EPR [Empty Property Rates] to have a significant detrimental effect on property market confidence, an already weak sector of the economy. There is a clear sense from those participating in the survey that EPR has failed to meet its original objectives. These were to incentivise owners to bring forward property for renting; discourage property owners from leaving properties empty; and to revitalise and help regenerate declining town centres.”

We can hope that the Chancellor uses his Autumn Statement to announce the end of this daft bit of legislation but as it has proved to be a nice income stream we will not be holding our breath.