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Finance Minister John O'Dowd has announced plans to speed up a strategic review of the rates system with enhanced support for small businesses and measures to tackle the growing number of empty shops blighting town and city centres across the north.
Speaking in the Assembly Chamber, the Minister said his department had committed less than a year ago to reviewing all rates support to deliver positive and progressive change to the rating system. He confirmed that every single rates support will have been reviewed by the end of the 2027/28 rating year.
Following the review process over the summer, Minister O'Dowd said it was now his ambition to progress enhanced support for small businesses, tackle the high level of vacancies in town and city centres, support businesses starting out and help accelerate business growth.
The Small Business Rate Relief currently provides vital support for operating costs for around 30,000 small businesses across Northern Ireland. However, the support delivered under that scheme has remained unchanged since 2012. Councillor O'Dowd said he wanted to create a fair environment for all businesses and plans to consult before the New Year, giving businesses the chance to share final views before changes are put to ministerial colleagues on enhancements to the support.
Addressing the issue of empty properties, the Minister said what was clear from the review was the need to challenge the blight of vacant properties in villages, towns and city centres. He announced plans to elevate Non-Domestic Vacant Rating liability from 50% to 75% and then to 100%. The Minister has instructed his officials to take forward the policy work required to implement these changes, which have the potential to unlock a further £20m of revenue between central and local government.
Minister O'Dowd emphasised that small businesses are the backbone of the local economy and said he wanted to see extra help going to those businesses that provide vital employment supporting workers, families and communities.
The Minister said that by taking the steps announced, the Executive continues to deliver a fairer, more progressive rating system that drives growth, supports new enterprises and strengthens communities. He acknowledged that finances are under significant pressure and said he aims to deliver savings in parts of the rating system and redirect resources to provide additional support to those businesses that need it most. Delivering positive change will require buy-in, partnership working and the backing of ministerial colleagues and the Assembly, he added.
