Finance Minister John O’Dowd has confirmed the continuation of several key business rates relief schemes for the 2025/26 fiscal year, aimed at supporting local businesses and fostering economic growth.
The Minister announced that the Small Business Rate Relief, Back in Business, and rural ATM exemption schemes will be extended, benefiting businesses across Northern Ireland. Speaking after an Assembly debate on the measures, O’Dowd emphasized the crucial role of small businesses in driving the economy: “Supporting local business means supporting entrepreneurship, helping our economy grow, and creating better jobs.”
The Small Business Rate Relief scheme, which currently supports around 30,000 businesses, will continue to offer rate reductions of between 20% and 50%. “This is just one part of over a quarter of a billion pounds in support for business ratepayers through the rating system,” O’Dowd added.
The Minister also highlighted the success of the Back in Business scheme, which encourages businesses to open in long-vacant properties, such as cafes, barbershops, and gift stores. This initiative aims to revive empty premises, bringing vibrancy back to areas that have been neglected. O’Dowd further noted the retention of the rural ATM exemption, which helps maintain easy access to cash in rural communities, particularly as bank branches continue to close.
In addition to the extension of these relief schemes, the Assembly approved a 5% increase in the regional rate for domestic properties and a 3% increase for businesses. These adjustments will result in an extra 60p per week for domestic properties with an average capital value of £123,000 and an additional £8.37 per week for businesses with a rateable value of £50,000.
O’Dowd emphasized the importance of the regional rate, which is expected to generate approximately £730 million in the upcoming financial year. These funds are essential for supporting public services, including hospitals, schools, and childcare. “The Regional Rate plays a critical role in funding essential public services, and this year we’ve had to balance raising income while limiting the increase, given the ongoing economic challenges faced by both households and businesses,” he stated.
In conclusion, O’Dowd reassured that extensive support for households, including means-tested assistance for those on the lowest incomes, would continue.
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