admin
December 15, 2011
The Finance minister Sammy Wilson has today published his thinking on the way forward for the proposed Rates Levy.
In summary:
- A levy on retail properties with a rating assessment of £500,000 NAV or more
- The levy will be set at 15% on average – a reduction of around £20,000 per annum compared to the original 20% proposed
- The levy will fund 20% rate relief on all types of premises with assessments from £5,001 – £10,000 NAV
- Ratepayers that occupy more than three premises, of any size, will not be eligible for small business rate relief anymore
- Where shop fronts or shop windows of empty retail premises are used for non-commercial purposes ratepayers will continue to receive 50% empty property relief
- These measures will apply for three years from 1 April 2012 to 31 March 2015
- For 2012/13 only, new occupiers of shops that have been vacant for 12 months or more will only pay 50% rates for the first year of their occupation