Other News
£10million help with rates for small businesses and households a step closer
Sector: Central Government
Date Created: Thu 24th Sep 2009, 11:05
Source: Northern Ireland Executive
Link: http://www.northernireland.gov.uk
Finance Minister, Sammy Wilson welcomed Assembly support for the Rates (Amendment) Bill, which targets assistance to small businesses and households.
The Minister was speaking following the second stage debate on the Bill which ran to midnight last night.
Mr Wilson said: "This bill represents the final outworking of the Executive’s review of the domestic rating system, as well as taking forward a small business rate relief scheme, which forms a key part of the Executive’s package of measures in response to the continuing economic downturn.
"The small business rate relief scheme will provide help of between £8million and £9million to more than 16,000 of our smaller businesses. I know that this has been eagerly awaited by bodies such as the Federation of Small Business and I am determined to get this in place in time for billing in April next year.”
Policy Chair of the Northern Ireland Federation of Small Businesses (FSB), Wilfred Mitchell, welcomed the Scheme. He said: "As the only part of the United Kingdom not to enjoy the benefits of such a scheme, the FSB believes its introduction is long overdue in Northern Ireland.
"The FSB has long championed the virtues of the scheme and the positive effects it will have on the economy as a whole and we are encouraged by Mr Wilson’s commitment to its introduction by April 2010.
"We believe the introduction of the scheme will send a clear message of the Executive’s recognition of the importance of the local small business sector and the vital role they will play in helping to rejuvenate the economy during the current economic downturn."
The Bill will also enable new energy efficiency and zero/low carbon relief schemes to be introduced, targeting assistance of around £1.5million per year. It also includes new data sharing powers aimed at helping to improve the take up levels of certain rate reliefs. This will be particularly important for pensioners and those on low incomes.
The Minister continued: "There are also powers in the Bill relating to the introduction of a new rates deferment scheme for eligible pensioners who own and occupy their own home.”
In conclusion, the Minister said: "I welcome the Assembly’s support, given that the Bill includes many measures that will be of benefit during the current economic downturn.
"Once approved by the Assembly, the key provisions in the Bill will enable direct assistance to be provided to small businesses and households of around £10million. It assist people with getting the benefits to which they are entitled and provide a further rates payment option for owner occupier pensioners."
