'Radical' rates relief reform proposed for Northern Ireland businesses with asset value under £10k
Businesses with asset value of under £10,000 should be set free from rates, “radical” proposals for reform said today.
Hospitality Ulster and the Northern Ireland Independent Retail Trade Association (NIIRTA) have presented their plans for the overhaul of the small business rate relief scheme to Finance Minister Mairtin O Muilleoir MLA during a recent meeting.
Their reforms, which large independent retailers and hospitality businesses, propose 100% relief businesses with net asset value under £10,000, 50% for those with NAV of £10,000 to £15,000, and 25% relief for firms with NAV of £15,000 to £25,000.
NIIRTA and Hospitality Ulster said: “Our members consistently tell us that their rates bill is a significant financial burden on their businesses, restricting growth and on occasions forcing them to close. It is time for real change in business rates.”
The plan would double the existing £18m cost of small business rate relief. It’s proposed that a cut in vacant property relief from 50% to 15% could fund the extra cost.