AQW 15439/22-27

Ms Connie Egan
Alliance Party
North Down

Tabled Date: 20/09/2024
Answered On Date: 08/10/2024
Priority Written: No

Question:
To ask the Minister of Finance how she will ensure that any proposed changes to non-domestic rates will protect and encourage the growth of small, local businesses in the current economic climate.

Answer:

This rating year my Department is providing support to almost 30,000 businesses through the Small Business Rate Relief scheme which provides rate relief of up to 50%.

In addition, 2,459 businesses with a valuation under the Small Businesses Rate Relief threshold of £15,000 receive Industrial Derating, providing rate support of 70%.

In May I reintroduced the ‘Back in Business’ scheme to help and encourage new and expanding businesses by providing 50% rates support to new businesses in their vital first two years in business. I also reintroduced the Rural Automated Teller Machine exemption to assist cashflow for businesses in rural areas.

In terms of augmenting that work, following the recent rating consultation I will be bringing forward short, medium and long-term rating policy proposals for the Executive’s consideration. These proposals will include a more strategic longer-term policy approach.

I will also continue my engagement with business bodies, organisations and wider society to work together to build a progressive rates system which grows our tax base and stimulates our economy.