From April 2022 the Finance Minister provided a further £50M rate holiday This support was made up of a one month rate holiday for all businesses (with the exclusion of utilities, govt departments, off licenses and larger food stores) and targeted relief for a further two months for retail, tourism, hospitality, leisure, childcare, newspapers and airport sectors.
This support built on rates support provided to businesses over two years, since April 2020, which amounted to more than half a billion pounds.
The non-domestic Regional Rate has been frozen for 2022/23 to consolidate the 18% reduction in 2020/21 and subsequent freeze in 2021/22.
The domestic Regional Rate has also been frozen for the third consecutive year.
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 closed on 15 December 2021.