Small Business Rate Relief review gets underway
A review of the Small Business Rate Relief Scheme and Non-Domestic Vacant Rating exclusions and liability has been announced.
The Finance Minister said he had been asked to view these as priority areas by businesses here with a view to making the best use of rate support funding.
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 £21 million, stimulating economic growth, supporting local jobs and encouraging 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,” said Minister O’Dowd.
“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 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.”
