The Northern Irish Assembly has confirmed that it will extend its Covid business rates support package by a further £50m for 2022/23.
The extension will mean the following:
- All businesses will get a one month rates holiday, with the exception of utilities and larger food stores;
- Retail, hospitality, tourism, leisure, childcare, newspapers and airports will receive a three months rates holiday; and
- An extension of the Small Business Rate Relief (SBRR) scheme, under which small businesses automatically receive a reduction of between 20% and 50% on their rates:
There are three levels of SBRR:
- business properties with a Net Annual Value (NAV) of £2,000 or less will receive a reduction of 50 per cent rate relief;
- business properties with an NAV of more than £2,000 but not more than £5,000 will receive 25 per cent rate relief; and
- business properties with an NAV of more than £5,000 but not more than £15,000 will receive a 20 per cent rate relief.
More information about the Covid Business Support Package here
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