Hamilton Says Rates Bill Benefits Business Community

STRANGFORD DUP MLA Simon Hamilton has welcomed the passage through the Northern Ireland Assembly of the Rates Bill which will extend the Small Business Rates Relief scheme so that an additional 8,300 businesses across Northern Ireland will receive around £6 million in assistance.

Commenting, Simon Hamilton, who is Assembly Private Secretary to The Minister of Finance and Personnel, said, "These are incredibly tough times for small businesses across the country. The economic downturn has put extreme pressure on thousands of businesses with many now no longer trading.

The Small Business Rates Relief scheme gives some small measure of help to traders. The Rates Bill will extend the scheme to ensure that another 8,300 small businesses will each gain on average around £700 in assistance other rates bills. I know that this will be warmly welcomed by business people everywhere in Northern Ireland.

Strangford MLA Simon Hamilton welcomes £6 million assistance on rates

The Bill also includes a clause that will offer a 50% rates holiday for a year for unoccupied properties where new businesses open up. This measure is aimed at easing the blight of empty units in towns which sadly we see in some parts of Strangford.

I know from talking to traders across Strangford that their rates bill can be a burden so it is only right and proper that we at Stormont listen to those in business and do what we can within our means to assist them.

I look forward to hundreds of businesses across Strangford benefitting from this Bill and hopefully for many it will help them to stay in business and weather the storm of the recession".

Rates Bill Passes Its Final Stage

Finance Minister, Sammy Wilson welcomed the support for the Rates (Amendment) Bill which passed its final stage in the Assembly today.

Some of the measures in the Bill provide for a large retail levy to fund additional help for small businesses as well as brightening up and encouraging use of long term empty retail premises typically found on Northern Ireland’s high streets. Following Royal Assent the legislation will come into effect on 1 April 2012.

Sammy Wilson said: “Today is a significant milestone for a vast number of Northern Ireland’s small businesses who continue to struggle in the current harsh economic climate and who will now benefit from the funding contained in the Rates (Amendment) Bill.

“The support of the Executive and Assembly for the introduction of this Bill demonstrates a clear commitment from Government to its responsibility to help stimulate the economy and to assist in any way possible to get Northern Ireland on the road to recovery.

“The large retail levy will fund much needed additional help for our small businesses while the Assembly has also approved measures aimed at making long term empty retail premises more attractive or getting them back into business.”

Although the small business rates relief scheme and large retail levy will be applied automatically, ratepayers are encouraged to submit applications to Land and Property Services (LPS) for other commercial rate reliefs.

The Minister continued: “The Bill allows business ratepayers to brighten up shop windows with non-commercial window displays without incurring full occupied rates. It also provides for a one year concession, during 2012/13, that will effectively allow 50% empty property relief to continue for a year. To receive the 50% rebate on retail properties empty for a year or more ratepayers must submit an application to LPS with evidence that the property, when last used, was for retail purposes.”

Referring to those who may be holding multiple premises. the Minister said: “From 1 April ratepayers occupying multiple premises, that is more than three in total regardless of size, will not be entitled to relief under the small business rate relief scheme.”

The Minister noted that there could be some teething difficulties in identifying multiples saying: “I would prefer to take action and be criticised for some imperfections than to take no action at all. This Assembly must recognise that the system is not perfect. Land & Property Services has already written to those that will be affected and urges those who have incorrectly been identified as multiples to contact the Agency and this issue can then be resolved.”

The Bill also includes the provision to clarify the valuation assumptions used at a non-domestic revaluation and also repeal the rule applied to properties referenced by their volume of trade, for example public houses. These changes will take effect at the next general revaluation scheduled for 2015.