AQW 4589/17-22 Written question to the Minister of Finance
To ask the Minister of Finance for an update on the outcome of the Review of the Non-Domestic Rating System.
Asked by Andrew Muir MLA on 5 June 2020
- Answered
- Written
- Tabled
- 5 June 2020
- Answer due by
- 22 June 2020
- Answered
- 12 June 20207 days after tabling
- Department
- Department of Finance
- Priority question
- No
Answer
Significant progress continues to be made on key matters raised in the business rates public consultation. The overall high level of business rates was a major concern and in response I reduced the Regional Rate by 18%. I also extended the Small Business Rate Relief scheme and I am re-introducing the Rural ATM scheme, both as a result of positive feedback. As a result of the consultation I decided to re-introduce the Back in Business scheme; however, this has been superseded by my decision that all retail properties will receive 100% rate relief for this rating year.
The Review needs to be considered in the context of a completely different set of circumstances and in the light of £313m additional rate relief in this financial year.