Northern Ireland to freeze business rates for a year, instead of three

Northern Ireland government has announced a freeze on business rates and a three-month rates holiday next year

Giving an update on budgetary matters at the Assembly, finance minister Conor Murphy said: “I do intend to proceed to freeze both domestic and non-domestic regional rates next year, which will help with the rising costs faced by families and businesses. Unfortunately, I cannot extend this to the three years as previously intended.

“I will also progress with the £50 million rate relief package to support a rates holiday for businesses. This will provide a three-months rates holiday for retail, tourism, hospitality, leisure, childcare, newspapers and airports which are the sectors hardest hit by the pandemic.”

The draft budget consultation included a proposal to freeze both the domestic and non-domestic regional rates for the next three years.

Trade body NFRN have ‘cautiously welcomed’ the announcement.

“The holiday and freeze on rates is much needed because there is still a lot of recovery to be done following the pandemic,” the NFRN’s Northern Ireland president, Coleraine store owner Joe Archibald, said.

“There really needs to be a full review of business rates because they are scandalous in some cases, but any help we can get at the moment is to be welcomed.”