Rates support package for 2022-23
The Department of Finance has announced a number of financial support measures to help Northern Ireland businesses with rates in 2022-23
A further £50 million rates support package has been announced for the 2022-23 rating year. This will provide all businesses with a one month rates holiday with the exception of public bodies, utilities, larger food stores and off-licences.
Retail, hospitality, tourism, leisure, childcare, newspapers and airports will receive a three months rates holiday.
The rates holiday will be applied automatically by Land property Services (LPS) if they have the business information to do so. For businesses who believe they are eligible and have not received the rates holiday, the online application portal will accept applications in late April 2022, please check this page for updates.
Small Business Rate Relief
The Small Business Rate Relief (SBRR) scheme has been extended for another year to provide those businesses that qualify a reduction of between 20% and 50% on their rates in 2022-23.
Eligibility for SBRR is based on the Net Annual Value (NAV) of a business property. SBRR is automatically applied to businesses. There are three levels of SBRR:
- business properties with an NAV of £2,000 or less will receive a reduction of 50 per cent rate relief
- business properties with an NAV of more than £2,000 but not more than £5,000 will receive 25 per cent rate relief
- business properties with an NAV of more than £5,000 but not more than £15,000 will receive a 20 per cent rate relief
First published 2 March 2022