Leading bodies from the UK property industry have voiced their disapproval of a new tax introduced on unused property, as announced in the recent budget.

In a letter to chancellor Alistair Darling, the bodies which includes British Property Federation (BPF) and Institute of Chartered Surveyors, has heavily criticised legislation forcing them to pay tax on empty properties from next week onwards. In turn, they have called for a reduction in the levy amount.

The letter argues the new legislation will increase rental levels for the business community and also will have an adverse effect on business growth rates in the economy and on UK competitiveness.

The bodies also say the legislation does not consider the length of time it takes to let commercial property and the any artificial delays such as the late introduction of Energy Performance Certificates (EPCs).

The bodies protesting the tax are the BPF, RICS, CBI Property Group, Business Centre Association and Rating Surveyors Association.

Source: Building.co.uk