With regards to 2022/2023 the following was discussed in the Northern Ireland Assembly this week. Finance Minister Conor Murphy has confirmed the following as part of the Public Expenditure: Draft Budget 2022-25 relating to business rates:
“The COVID pandemic and the cost of living crisis create significant financial pressures on businesses and households. Therefore, the Executive have agreed that the domestic and non-domestic regional rate will be frozen over the Budget period. A further £50 million has been set aside to provide rates support for businesses. Legislation is being enacted that removes the ability of businesses to appeal their NAV on the grounds of COVID-19.
“Over the last two years, companies here were instead compensated for the impact of COVID-19 through rates holidays and grants. Next year, in recognition that all sectors are set to lose their right to appeal, all businesses, with the exception of larger food stores and utilities, will receive a one-month rates’ holiday. As some sectors have been harder hit by the pandemic retail, tourism and hospitality, leisure, childcare and airports will receive a total of three months’ rates relief. In 2023, a revaluation that will take into account the impact of COVID-19 will come into effect. This provides a much more comprehensive package of support to businesses than the appeal mechanism, which was not designed for a general pandemic.”
“The Executive has also agreed to consult on increasing the rates liability of vacant properties from 50% to 75% and removing the domestic rates cap of £400,000. Having been delayed by the pandemic, a consultation will allow those policies to be delivered early in the new mandate. The publication of the document launches a 12-week consultation that will run to 7 March 2022.”
Therefore, it is likely there may be an extension of the 100 per cent “holiday” although this is not fully confirmed at this stage.