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Finance Minister, Conor Murphy today announced a furthur £213m rates support package for businesses which will see all businesses get a rates holiday till the end of July while some sectors such as hospitality, tourism and leisure won't have to pay rates till the end of the tax year in March 2021.
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This builds on the £100m scheme announced by Minister Murphy in March which gave all businesses a three month rates holiday.
The new scheme, developed with independent analysis from the Ulster University Economic Policy Centre, will see the sectors hardest hit by the pandemic pay no rates for the full financial year up until 31 March 2021.
Sectors - No Rates till April 2021
- hospitality, tourism and leisure
- retail (excluding certain supermarkets and off-licences)
- childcare
- Belfast City, Belfast International and City of Derry Airports.
The rates support packages will also see all businesses received a one-month extension of the rates holiday up to 31 July 2020.
Minister Murphy said: “The pandemic has had a devastating impact on the economy. The initial rates support package helped businesses with immediate cash-flow difficulties during the lockdown.
“As the Executive begins to ease the restrictions which have been necessary to save lives, I am pleased to announce this new scheme which importantly provides all businesses with an extended rates holiday for July.
“Further support is then targeted at the sectors which will be in greatest need in the months ahead. This includes retail, hospitality, tourism, leisure, childcare and airports.
“This rates package, which is aligned with the Executive’s pathway to recovery, brings the total support for businesses from rates relief and grants to almost £700m.”
Newry Business Improvement District welcomed the move in a statement saying "Newry BID is delighted to welcome the announcement by our local representative Conor Murphy, Minister of Finance, this morning to extend the rates holiday for ALL BUSINESSES by a further month until the end of July, provide a targeted rates holiday until the end of the year for the under pressure sectors including Retail (excluding medium to large food retailers and off-licences) Hospitality, Tourism and Leisure. This is a major and essential intervention to support local business.
"The BID is very appreciative of the support received from Conor Murphy Minister of Finance and Liz Kimmins MLA in listening to and taking on board local business concerns around the business rates challenge."
