Business Rates: How do you feel about the level of business rates in LQ?

Business Rates Public Consultation

In May 2019, the DOF announced plans to undertake a full and comprehensive review of business rates in Northern Ireland.

It is of strategic importance for government to ensure that the business rating system is fit for purpose in order to fund Northern Ireland’s key services, both at regional and district level. The system, together with the suite of support measures, need to be positioned to respond to changing marketplaces and local economic conditions, and should align with wider government strategy to promote economic growth right across Northern Ireland.

This review will evaluate the current position and make recommendations as to how the business rates system can be effective and fair, while still ensuring that overall, the same amount of revenue is available.

The Department of Finance is seeking views on the following:

• How can revenues from district and regional rates be raised in a way that is fair, without becoming a burden to business ratepayers?
• What ways can be found to widen the tax base and lower the level of business rates?
• How can a fair distribution between district rates and domestic rates be sustained?
• How can a fair distribution between non-domestic and domestic rates be sustained?
• What reliefs and supports are necessary and might be introduced, changed or ended, targeted in line with Executive priorities and recognising ability to pay?
• What alternative taxation options should be considered to complement or replace property based non-domestic rates and to allow for lower levels of revenue from business rates?

The LQ BID invite you to make comments on the above by Friday 8th November, as we will collate all thoughts from LQ businesses and send to DOF on your behalf.

Any questions regarding any of the information above, please contact Chris McCracken on chris@linenquarter.org / 02890912991