Finance Minister has announced the beginning of
the review of Small Business Rate Relief Scheme and Non-Domestic
Vacant Rating exclusions and liability.
The Minister said: “Around a quarter of a billion pounds
in rates relief is provided each year to businesses here. For
small businesses this can help stimulate economic growth, support
local jobs, and encourage entrepreneurship.
“While this rate relief provides important support, we
must also ensure it continues to be targeted towards those who
need it most and offers the most effective assistance given the
critical role our rating system plays in generating funding for
vital central and local government services. It's important to
stress that review does not mean removal.
“Today's publication of the Terms of Reference is the
next step in my Department's Strategic Review of Rating which
will move the focus onto Small Business Rate Relief scheme and
Non-Domestic Vacant Rating exclusions and liability
level.
“I have been asked to treat these areas as a priority by
the business community both in terms of making best use of rate
support funding and to address concerns over vacant properties in
our towns and cities to aid regeneration.”
The Minister added: “The Terms of Reference for 2025/26
builds on discussions already held with business groups in recent
weeks by my Department, preparing them for the reviews. That
process will use the evidence-base from the research undertaken
by the Ulster University's Economic Policy Centre into the cost
of doing business here and allow the Department to gather the
latest information on the distribution of current support and
formulate policy proposals for consultation in the
autumn.”
Notes to editors
1. For a copy of the Terms of Reference please
visit https://www.finance-ni.gov.uk/publications/strategic-review-rating-terms-reference
2. The Small Business Rate Relief Scheme provides between 20% and
50% rate relief to over 30,000 businesses per annum at a cost of
over £21m.
3. Where a commercial property is vacant and there are no
exclusions against payment of vacant rates, the person entitled
to possession, that is the owner, or a tenant where a lease is
still in place, will be responsible for paying rates. Vacant
non-domestic property is billed at 50% of the normal occupied
rate.
