Finance Minister reveals plans to support small businesses
Plans have been announced to improve Small Business Rates Relief, as the Finance Minister aims to revitalise town centres.
John O’Dowd set out plans to accelerate the strategic review of rates and progress changes in the business rates system, following the Review process over the summer.
It is now his ambition to progress enhanced support for small businesses, tackle the high level of vacancies in towns and city centres, support businesses starting out and help accelerate business growth.
“Less than a year ago, my Department committed to reviewing all rates support to deliver positive and progressive change to the rating system,” said the Minister.
“I can announce that every single rates support will have been reviewed by the end of the 2027-2028 rating year.
“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,” added the Minister.
“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.”
Mr O’Dowd added that what was clear from the Review was the need to challenge the blight of vacant properties in villages, towns and city centres across Northern Ireland.
“It is my view work now needs to begin to elevate Non-Domestic Vacant Rating liability from 50% to 75% and then to 100%,” he said.
“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 £20 million of revenue between central and local government.
“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.”
