Northern Ireland companies are being urged to share details of the rents they pay for premises as The Executive launches an overhaul of the rates system.
Finance Minister Conor Murphy has called on non-domestic ratepayers to upload rental information as soon as possible to help rebalance what many claimed has been an unfair system.
Business rates are based on the rental value of each property but after the last revaluation in 2020, which was based on 2018 rental values, many businesses complained of steep hikes in their rates bill, particularly small, town centre businesses.
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To overcome that, Mr Murphy said as many businesses as possible must take part in the current revaluation, known as Reval2023.
“Business owners and trade bodies have been calling for more regular revaluations. Reval2023 responds to these calls, putting us on a three-year revaluation cycle,” he said. “Revaluing over 74,000 non-domestic properties is a significant undertaking and it is important that all business ratepayers play their part.”
Business owners will receive an online code or paper questionnaire in the post this week, enabling them to provide Land and Property Services (LPS) with all the information required to revalue their business.
LPS will then use rental evidence and other supporting information to prepare a new valuation list, based on October 2021 rental values. The new list will then be used to calculate rates bills from 1st April 2023.
A major overhaul of the rates charged on business premises needs companies to share details of the rents they are paying
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“Business rates provide around £675m each year to support the public services we all use. Rates help to fund our hospitals, schools and roads as well as the essential services Councils deliver every day,” the minister said. “Our aim is to ensure the rating system is distributed fairly across all business sectors. By fully providing the required information, business ratepayers will help ensure valuations reflect changes in the property market and economic conditions over the last three years.”
The deadline to complete and return the online or paper Rent and Lease questionnaire is 31st December 2021.