The Government should provide incentives for businesses to install fire sprinklers – and the Chief Fire Officers Association is calling for a reduction in stamp duty in new or renovated commercial properties that are fitted with sprinklers.
Please see the full press release.
This is part of a new document from the Local Government Association (LGA) and Chief Fire Officers Association which challenges a new government to make a number of changes within the first 1oo days. The Fire and Rescue Service: ‘Making our nation safer’.
The cost of business fires is around £1.29 billion a year. Even a small reduction of 1.5 percent of the £2.9 billion annual stamp duty collected from commercial premises would more than meet the cost of installing sprinklers in the 8,000 businesses that caught fire in 2012/13.
The CFOA and LGA proposals estimate that a reduction in Stamp Duty would save the public purse £32 million, with a potential benefit to the UK economy of between £59 and £211 million.