Other News
Dodds unveils Small Business Rate Relief scheme
Sector: Central Government
Date Created: Thu 2nd Apr 2009, 11:09:02
Source: Northern Ireland Executive
Link: http://www.northernireland.gov.uk
UK - Many small businesses in Northern Ireland will benefit from the introduction of a Small Business Rate Relief scheme unveiled today by Finance Minister Nigel Dodds.
The scheme will significantly reduce the rates burden for about 16,000 of our smaller businesses and with the Assembly’s agreement will be in place from next year. The Department of Finance and Personnel is now consulting on the effectiveness of the preferred scheme and its likely impact. Minister Dodds commented on the scheme:
"Small firms are the lifeblood of the local economy providing much needed employment and services. In these difficult times, I am looking for new ways of helping our small business sector deal with the challenges they face.
"I am pressing ahead with a small business rate relief scheme which will deliver help automatically from April 2010 and does not impose a burden on other business ratepayers.
"This measure forms part of the Executive response to the economic downturn. These are undoubtedly challenging times for the economy, but the Executive is continuing to deliver for local firms in a number of ways; through investing record levels of procurement spend, with 90% of contracts awarded to local firms; by freezing regional rates; by setting a target of paying invoices within 10 days to help firms’ cashflow situation; and by looking at ways to streamline the tendering process for small firms bidding for government tenders."
Norern Ireland Independent Retail Trade Association (NIIRTA) said: "NIIRTA has been lobbying consistently for the establishment of a small business rates relief scheme for the past five years and we are delighted that the Minister has listened to us.
"This move brings Northern Ireland into line with the rest of the UK. It is a scheme which we hope will give small retailers help with their rates bill and which will allow them to have more working capital to reinvest in their business.
"Minister Dodds should be congratulated for making this very positive decision which successive Direct Rule Ministers have previously refused. It shows that devolution can deliver for local businesses."
The introduction of the Small Business Rate Relief scheme will require new primary legislation which will need to pass through the Assembly in the coming months to ensure that it can be in place by April 2010.
The consultation period is from 31 March to 23 June 2009. Further details can be found on the 2007 Executive Review of Rating Reform website
