£50million business rates’ support package for Northern Ireland

A £50million business rates support package has been announced by Northern Ireland Finance Minister Conor Murphy for the 2022-23 rating year that will offer all businesses one month rates’ holiday – excluding public bodies, utilities, larger food stores and off-licences.

Further special dispensation is being given to retail, leisure, hospitality, newspapers, tourism, childcare and airports which will receive a three months’ rates holiday. More details can be found here: Murphy confirms £50 million rates support package | Department of Finance (finance-ni.gov.uk).

Land Property Services will automatically apply the rates’ holiday assuming they hold the correct business information to go ahead. Any businesses which believe they are eligible but haven’t received the rates’ holiday, there will be an online application scheme due to become available in late April, 2022.

With regards to the Small Business Rate Relief (SBRR) scheme, this has been extended for another year. This will provide qualifying businesses a reduction of between 20% and 50% on their 2022-23 business rates.

Finally, a freeze in the regional rate poundage was also announced for the next 12 months, which will take rate payers up to 1 April 2023, and coincide with the new revaluation of Non-Domestic properties that is currently taking place in Northern Ireland.

More details can be found here: Small Business Rate Relief | nibusinessinfo.co.uk