Finance Minister has announced plans to
accelerate the strategic review of rates and progress changes in
the business rates system.
Speaking in the Assembly Chamber, Minister O'Dowd said:
“Less than a year ago, my Department committed to
reviewing all rates support to deliver positive and progressive
change to the rating system. Today, I can announce that every
single rates support will have been reviewed by the end of the
2027/28 rating year.
“Following the Review process over the summer, it is now
my ambition to progress enhanced support for small businesses,
tackle the high level of vacancies in our towns and city centres,
support businesses starting out and help accelerate business
growth.”
Updating the Assembly on his desire to enhance Small Business
Rate Relief support, Minister O'Dowd added: “Small
businesses are the backbone of our economy. I want to see extra
help going to those businesses that provide vital employment
supporting workers, families, and communities.
“The Small Business Rate Relief currently provides vital
support for operating costs for around 30,000 small businesses.
The support delivered under that scheme has, however, remained
unchanged since 2012.
“I want to create a fair environment for all businesses
and plan to consult before the New Year, giving businesses the
chance to share final views before changes are put to Ministerial
colleagues on enhancements to the support.”
Turning to Non-Domestic Vacant Rating, the Minister said:
“What was clear from the Review was the need to challenge
the blight of vacant properties in our villages, towns and city
centres.
“It is my view work now needs to begin to elevate
Non-Domestic Vacant Rating liability from 50% to 75% and then to
100%. I have therefore instructed my officials to take forward
the policy work required to implement these changes which have
the potential to unlock a further £20m of revenue between central
and local government.”
In conclusion, the Minister added: “By taking the steps
announced today, we continue to deliver a fairer, more
progressive rating system - one that drives growth, supports
new enterprises, and strengthens communities.
“We all know our finances are under significant pressure
which is why I aim to deliver savings in parts of the rating
system and redirect resources to provide additional support to
those businesses that need it most.
“Delivering positive change will require buy-in,
partnership working and the backing of Ministerial colleagues and
the Assembly.”
Notes to editors:
1. A copy of the Minister's statement is available at Finance Minister Oral Statement
- Rating Policy Update on Strategic Road Map | Department of
Finance
