Rate relief consultation report published | Newry News | Latest Newry News, Newry Sport and Newry Business for Newry City

Rate relief consultation report published | Newry News

The Department of Finance has published a report on responses received to the consultation on the removal of rates support measures for businesses and households.

 

Rate relief consultation report published | Newry News - newry times

 

The consultation directed by the Secretary of State, ran between November 2023 and February 2024.

It sought views on four non-domestic rating support schemes including non-domestic vacant property relief, industrial derating, freight transport relief and the exemption from rates for student halls of residence.

Views were also sought on the removal of three domestic rate allowances including the early payment discount, the maximum capital value cap and the landlords’ allowance.

Speaking following the publication of the report, Minister Archibald says, “Over 1,400 responses were received from ratepayers, businesses and a range of other stakeholders.

“My Department also undertook a series of public meetings as part of this process.

“I thank everyone who contributed to the process with their thoughts, ideas and experience.

 



 

“Even before I was Finance Minister, I was aware of the level of interest and apprehension around some of these proposals.

“It was for that reason I wanted to ensure I took the time with my officials to carefully examine all the views from those who responded.

“The consultation directed by the then Secretary of State was limited in nature, looking simply at whether support should be removed or retained.

“Having met with ratepayers and business organisations over recent months I understand these complex issues require careful handling.”

The Minister adds, “Rates are an important source of funding in supporting public services bringing in some £1.5 billion of revenue each year.

“I will be bringing forward short, medium and long-term rating policy proposals including a more strategic longer-term policy approach in the coming weeks.

“I will be engaging with Executive colleagues on the next steps and will continue my engagement with business bodies, organisations and wider society to work together to build a progressive rates system which grows our tax base and stimulates our economy.”

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Posted by on Sep 26 2024. Filed under Politics. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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