RATES HOLIDAY EXTENDED | Murphy bolsters business with £230 million rates holiday
Finance Minister, Conor Murphy has announced he is extending the rates holiday for a further 12 months for 29,000 businesses at a cost of £230 million.
Conor Murphy said:
“This £230 million package will provide continued support for businesses dealing with the impacts of the pandemic. Recognising that the months ahead will continue to be hugely challenging, extending the 12 months rates holiday in the hardest hit sectors will protect jobs.
“This package goes well beyond what has been announced in England and demonstrates the Executive’s commitment to providing certainty and support for businesses. It also protects councils’ rate income as the Executive will cover the full cost of the rates holiday.
“Today’s announcement means the additional rates support provided to businesses over two years amounts to more than half a billion pounds. To further support businesses, the Executive has also chosen to freeze the regional rate for businesses for the second year in a row.”
Businesses 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);
Hospitality, tourism and leisure;
Newspaper production; and
Retail (excluding larger food stores and off-licences).
The rates holiday has been developed by independent analysis from the Ulster University Economic Policy Centre. Link to report:
Food stores with over 500m² of retail space, and off-licences will not receive the rates holiday.
The rates holiday will be applied automatically. Any business may choose to opt out of receiving the rates holiday.
Other rate reliefs will continue to apply.