Northern Ireland raises record £1.5 billion in rates so far this year despite economic challenges

Over £1.5bn has been gathered this financial year to date - £140m more than last year with another month still to go.

This will leave politicians at Stormont with the options when deciding whether – and by how much – to raise the regional rate.

Rates bills – a property tax – accounts for 5% of Stormont’s spending and 75% of council spending. Stormont sets a regional rate, and local council sets the district rate.

A regional rate for next year is yet to be set by the executive. Legislation needs to be agreed and passed before bills go out - which means it needs to be agreed and set by politicians in the next couple of weeks. Councils – who have already set their rates – won't get their money until that happens.

The rates system was reviewed this year at behest of Secretary of State - including in relation to rates relief.

The Executive will have to decide which measures will be taken forward - and legislated on - so that consultation won't affect this year's bills.75% of businesses in Northern Ireland benefit from a form of rates relief such as small business rates relief. That is a discount aimed at businesses with a property rental value of less than £15,000. That amounts to 29,000 businesses on the Small Business Rate Relief scheme.

Disparities in rates bills across Northern Ireland are complex – as it depends on factors such as the property values in each district. For example one council area like Lisburn might have high property values – but strike a lower district rate – and vice-versa in councils like Derry and Strabane. Some business sectors benefit more than others from rates relief – around 65% of the hospitality sector get Small Business Rates Relief – 57% of pubs benefit. Manufacturing businesses get an Industrial Derating relief, which provides a 70% reduction of the normal rate for the parts of the property deemed to be used in the industrial process.

People in Northern Ireland pay less money rates than in England, however some argue this is because wages are lower here than in other parts of the United Kingdom.

11,000 ratepayers in Northern Ireland currently have a repayment plan for rates debts.