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Major concerns about business rates revaluation - Muir

Alliance MLA Andrew Muir has said the current rates revaluation of businesses will cause considerable difficulty for many.

Andrew Muir said: “Across Northern Ireland, around 74,000 businesses will have their Net Annual Valuation reassessed to allow for their annual rates bill to be calculated. Land and Property Services has now published the draft list of valuations and it is essential businesses check their revised valuation.

 

“In many cases businesses are facing substantial increases, with some rates bills more than doubling. The hospitality sector is being particularly affected as the revised NAVs are calculated on trading information, so a business owner who has worked hard to make their business a success is penalised. This is an outdated method of valuation and needs to be reviewed urgently.

 

“I have met with some businesses affected and their representative trade bodies and there is genuine concern that some businesses may no longer be viable. An obvious way to alleviate these concerns is to introduce transitional relief, but the Finance Minister has already ruled this out. I believe this needs reviewed to ensure appropriate support is provided to the business sector. Government needs to help our economy grow, not penalise it through unfair taxes.”

 

The draft valuations can be found here:

https://www.finance-ni.gov.uk/services/reval-2020-draft-schedule-values