‘Businesses to benefit from rates rebate’ - Mitchel McLaughlin ML
Sinn Féin Economic Spokesperson Mitchel McLaughlin MLA (South Antrim) has urged businesses to ensure that they benefit from the new rates reduction which comes into effect on Thursday (April 1).
Mitchel McLaughlin said: “I have long advocated a small business rates relief scheme and I am delighted that the Executive took the decision to introduce one from April 1st,” .
“Small family-owned and home-grown businesses are the bedrock of our economy and the Executive should take positive steps in order to support them through the recession.
“The introduction of the Small Business rates relief scheme is just one such step and it is expected to benefit around 16,000 smaller businesses across the North.
“Qualifying firms should notice the reduction in their bill for April but I am calling on all small local businesses to check that they qualify.
“Eligibility is based on the net annual value (NAV) of each business property. Properties with an NAV of £2,000 or less will receive a reduction of 50% relief while those with an NAV of more than £2,000 but not more than £5,000 will receive 25% relief.
“Anyone who feels they should have received this relief and do not receive it in April’s bill should contact the Land & Property Services immediately.”
- Qualifying businesses will receive the relief on their April 2010 bill and each subsequent annual bill during the life of the scheme. It is initially intended that the scheme will have a life of 5 years when it will be reviewed before then to establish its effectiveness and value for money.