Wilson welcomes support for rates bill
FINANCE Minister, Sammy Wilson yesterday welcomed the support of Assembly colleagues for his controversial Rates Bill he said would share £6 million across more than 8,000 small businesses.
The amended bill will clear the way for the introduction of the large retail levy designed to fund additional help for small businesses.
The proposal has been bitterly opposed by the larger retailers such as IKEA and Tesco which became involved in a war of words with the Minister after it threatened a levy could jeopardise future plans for the Province.
Mr Wilson, who at the time said he would not be bullied into policy development, spoke following the second stage debate on the Bill which he said would introduce a number of measures aimed at rebalancing the rating system during the continuing economic downturn.
“This includes the introduction of a 15 per cent levy, on average, on the largest shops, which will help fund an extension of the small business rate relief scheme.
“This will assist up to 8,300 business ratepayers, with around £6 million likely to be awarded in 2012/13.
“Both measures will be time limited in legislation to three years, through to 31 March 2015.
“The Bill also contains provisions aimed at making our town and city centres more vibrant, allowing business ratepayers to brighten up shop windows with non-commercial window displays without incurring full occupied rates.”
Adding that he wanted to do more to bring empty shops back into business, Mr Wilson added: “Next week I will table an amendment to the Bill aimed at revitalising our town centres and shopping areas.
“The Executive has agreed a one year concession that will effectively allow 50 per cent empty property relief to continue for a year. This will apply to long term empty shops, which become occupied in 2012/13. The property will have to have been empty for 12 months or more, with relief then awarded for up to 12 months.”
The Bill also includes provision to clarify the valuation assumptions used at a non-domestic revaluation and also repeal the rule applied to properties valued by reference to their volume of trade, for example public houses.
“These changes will take effect at the next general revaluation scheduled for 2015.”
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Weather for Belfast
Tuesday 29 May 2012
Today
Sunny spells
Temperature: 12 C to 21 C
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