Finance Minister has announced the continuation
of the Small Business Rate Relief, Back in Business and rural
ATMs exemption schemes for the 2025/26 year.
Speaking after the Assembly debate on two of the measures today
Minister O'Dowd said: “Supporting local business means
supporting entrepreneurship, helping our economy grow and
creating better jobs.
“Small businesses are the driving force behind our high
streets and the extension of the Small Business Rate Relief
scheme means we continue to provide around 30,000 businesses with
reductions, of between 20% and 50%, on their rates bill. This is
just one element of over a quarter of a billion pounds of support
provided to business ratepayers through the rating
system.”
The Minister added: “The Back in Business scheme helps to
support entrepreneurship by encouraging businesses to set up in
long term vacant properties. The scheme has previously helped
cafes, barbers and gift shops to locate in vacant premises,
bringing life back to premises that had long been boarded up.
Furthermore, the retention of the rural ATM
exemption will continue to help people to easily access cash,
something especially important in rural communities given bank
closures.”
The extension of the rate support schemes came on the day the
Assembly also approved the 5% and 3% regional rate uplifts for
domestic and business rates respectively. This means a domestic
property with an average capital value of £123,000, will pay 60p
a week more on the regional rate element of their bill and for
businesses with a rateable value of £50,000, it will mean an
additional £8.37 per week on that element,
Highlighting the important role rates play in funding public
services, Minister O'Dowd said: “The Regional Rate is
expected to raise in the region of £730million in the forthcoming
financial year, this is vital to helping fund our hospitals,
childcare, schools and other essential public services.
“This year the rate setting process has been taken under
the difficult circumstances following the impact of decisions
taken by the Chancellor in relation to National Insurance
contributions which have led to well documented concerns over
increased costs.
“As a result, the new rates have had to be set carefully
to strike the right balance between raising income while limiting
increases as much as is possible recognising ongoing challenges
for households and businesses. The extensive support we provide
for households including means tested supports for those on the
lowest incomes will continue.”
Notes to editors:
1. The Back in Business scheme offers businesses a 50% rates
discount for up to two years if they move into vacant premises
that have been unoccupied for 12 months or more and that were
previously used for retail purposes.
