Assembly approval of the Regional Rates Order 2016April 1, 2016
The Northern Ireland Assembly has approved the Regional Rates Order 2016, which fixes the amounts of the regional domestic and non-domestic poundage used for the next financial year. For 2016-17, both the domestic and non-domestic regional rate in Northern Ireland will be frozen in real terms by uplifting it only in line with inflation by 1.7%
From 1 April 2016, the domestic regional rate poundage will be set at 0.4111 pence in the pound on rateable capital value and the non-domestic rate will be set at 32.40 pence in the pound on net annual value.
The regional rate represents just over half of the typical bill; the other half being made up of district rates, which are set independently by the district councils.
Following agreement by the Assembly, the Finance Minister also announced the extension of two popular rate relief schemes – exemption for ATM’s in rural areas and the empty shops concession.
The ATM exemption scheme was introduced with the objective of encouraging and sustaining the provision of ATM’s in rural areas. The scheme is provided for stand-alone ATM’s in designated rural areas that are individually valued in the valuation list.
The empty shops rates concession provide a one year subsidy of 50% rate relief for new ventures occupying property that has been vacant for a year or more.