Finance Minister has announced plans to
introduce targeted rate relief to help businesses expand and
bring vacant properties back into use, aiming to boost investment
and revive local areas.
Speaking in the Assembly the Finance Minister said: I have
consistently backed small and medium businesses, recognising both
their vital contribution to the economy and the challenges they
face in sustaining growth.
To support businesses through a fair and equitable rates system,
I am announcing the next steps in my programme of rates reform
and my intention to consult on the introduction of a Business
Growth Accelerator and changes to Non-Domestic Vacant Rating.
The Business Growth Accelerator would give businesses a specified
grace period after making improvements. During that time, they
would continue to pay rates based on the property's value before
the improvements, delaying any immediate increase.
Updating the Assembly the Minister said: The proposal to
introduce a Business Growth Accelerator would see temporary
targeted relief offered to businesses that are taking tangible
steps to expand their operations and is designed to reduce the
upfront financial pressure allowing them to recoup costs and
encourage development that might not otherwise proceed.
At present, vacant properties are liable for up to 50% of
occupied rates. This consultation proposes increasing that
liability on a staged basis to 75% then to 100% to encourage
re-use of vacant space.
Turning to Non-Domestic Vacant Rating, the Minister said:
Alongside the Business Growth Accelerator, I want to examine
how Non-Domestic Vacant Rating operates and how increases in
liability levels can be best implemented. The consultation will
seek views on introducing a phased approach to
increases in vacant rating liability rather than a single-step
change.
The Minister concluded: I want the rating system to support
development, improvement and investment. I want to see additional
support directed to those businesses that provide vital
employment supporting workers, families, and communities. The
measures I have set out today reflect my ambition to enable
business expansion, tackle vacant properties, and help revitalise
our towns, villages and high streets.
Notes to editors:
1. A copy of the Minister's statement is available
at https://www.finance-ni.gov.uk/publications/minister-finance-oral-ministerial-statement-consultation-business-growth-accelerator-and-vacant-rating-reform
