NI Reval2023 - Setting of Decapitalisation Rates
On 20 October 2021, as part of the Northern Ireland Revaluation 2023 exercise, the Department of Finance launched an 8-week Consultation on Setting of Decapitalisation Rates in Northern Ireland, to seek views on this element of the Contractor’s Basis of valuation. The consultation closes on 15 December 2021.
12 month rates holiday
In March 2021, the Finance Minister announced he was extending the rates holiday for a further 12 months for 29,000 businesses at a cost of £230 million. This rates support provided to businesses over two years amounts to more than half a billion pounds.
Specified business in the following sectors will pay no rates in 2021-22 for the second year running: Airports (Belfast City, Belfast International and City of Derry); Childcare; Hospitality, Tourism and Leisure; Manufacturing; Newspaper production; and all Retail premises (excluding larger food stores and off-licences).
The non-domestic Regional Rate has been frozen for 2021/22 preserving the 18% reduction on the 2020/21 figure. The domestic Regional Rate has also been frozen for a further year.