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Business Rates Event

16jan10:00 am11:00 amBusiness Rates EventIMPORTANT FREE EVENT

Event Details

REGISTER NOW FOR THIS IMPORTANT FREE EVENT – CONSULTATION ON THE FUTURE OF BUSINESS RATES – JANUARY 16TH 10AM

DATE:     Tuesday 16th January 2024TIME:     10am – 11amVENUE:  Custom House, 22 Merchants Quay, Newry, BT35 6AHCOST:     FREENewry BID in partnership with Newry Chamber are hosting LPS in Newry (per above details) to get your input to proposed reforms of Business Rates.

The consultation is extremely important as we continue to argue for a fairer Business Rates system and to secure funding for Flood Alleviation and Infrastructure Deficit measures.

The Consultation is focusing on:

  • INDUSTRIAL DERATING
  • VACANT PROPERTY RELIEF
  • STUDENT ACCOMMODATION RELIEF
  • FREIGHT TRANSPORT RELIEF

It should be noted that Newry BID will have a different view on the consultation from Newry Chamber given our membership is largely made up of Retail, Hospitality, Professional Services and Landlords rather than manufacturing and freight which benefit from these reliefs

Newry BID has long campaigned for reform of Business Rates as Retail, Hospitality and Professional Services are unfairly penalised by the above exemptions and agriculture exemption.

Industrial Derating relief is worth approx. £75 Million per year.

The BID has long sought similar reliefs for our members but given the Secretary of States requests to make the budget sustainable and that rates is effectively the only local revenue stream under Stormonts control it seems more likely that the above reliefs will be removed.

In light of this we believe these funds should be gathered and used to fund infrastructure investment – it simply isn’t fair that Retail, Hospitality and Professionally Services get a 75% rates relief
The vacant property relief (3 months at 50%) is a much smaller sum but is also under review and will have direct impact on many members who own vacant properties. Its retention, and ideally extension, are crucial to supporting town and city centre regeneration

Your views are crucial.

Sharon Magee, Director of Rating Policy at Land & Property Services (LPS) in NI will deliver a presentation on the range of measures currently being consulted upon.You can view the full consultation paper on non-domestic rating measures HERE.

REGISTER TO ATTEND HERE:

https://forms.office.com/e/YhXBpSw5YW

Note the recent Belfast Telegraph article in which Manufacturing NI states that the proposals in the consultation to remove industrial rates relief will be ‘deeply damaging’ – which in itself confirms that manufacturing knows that Retail, Hospitality and Professional Services are already being deeply damaged by their lack of rates relief support

https://m.belfasttelegraph.co.uk/business/northern-ireland/industrial-rates-plan-deeply-damaging-for-communities-in-ni/a1025071106.html

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Time

(Tuesday) 10:00 am - 11:00 am

Location

Custom House

22 Merchants Quay, Newry BT35 6AH

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