Menu
02/12/2011
Landlord Rating Allowance Reduced to 10%
Finance Minister, Sammy Wilson, has reduced the landlord rating allowance to 10% for housing associations and 12.5% for private sector landlords from 1 April 2012.
The Minister was speaking following approval of the Rates (Payments by Owners by Agreement) (Amendment) Order (Northern Ireland) 2011 in the Assembly. This follows a public consultation last year on the level of the landlord rating allowance.
The Minister said: "At present a rating allowance is awarded where a landlord enters into an agreement to pay rates on their property. The voluntary allowance recognises that landlord collection is more cost effective than direct collection by Land and Property Services (LPS).
"This legislation will not impact on tenants. It merely reduces the allowance payable to Housing Associations to 10%, and that payable to private sector landlords to 12.5%, in line with previous announcements. The current level of 15% is simply too generous, particularly given the fact that landlords would, as with all other property owners, now be liable for empty property rates."
With the introduction of the rating of empty homes in October 2011 100% rates will apply to all domestic property. There will generally be no difference between the occupied and vacant liability for that property. As a result it would be inequitable to maintain the current level of voluntary landlord allowance, given that part of the allowance is compensation for being unable to claim a vacancy. With the rating of empty homes vacancies cannot be claimed and therefore it would be inappropriate to retain this element of the allowance.
(CD)
The Minister was speaking following approval of the Rates (Payments by Owners by Agreement) (Amendment) Order (Northern Ireland) 2011 in the Assembly. This follows a public consultation last year on the level of the landlord rating allowance.
The Minister said: "At present a rating allowance is awarded where a landlord enters into an agreement to pay rates on their property. The voluntary allowance recognises that landlord collection is more cost effective than direct collection by Land and Property Services (LPS).
"This legislation will not impact on tenants. It merely reduces the allowance payable to Housing Associations to 10%, and that payable to private sector landlords to 12.5%, in line with previous announcements. The current level of 15% is simply too generous, particularly given the fact that landlords would, as with all other property owners, now be liable for empty property rates."
With the introduction of the rating of empty homes in October 2011 100% rates will apply to all domestic property. There will generally be no difference between the occupied and vacant liability for that property. As a result it would be inequitable to maintain the current level of voluntary landlord allowance, given that part of the allowance is compensation for being unable to claim a vacancy. With the rating of empty homes vacancies cannot be claimed and therefore it would be inappropriate to retain this element of the allowance.
(CD)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
10 January 2018
Belfast Business Fined For Failing To Display Food Hygiene Rating Sticker
A business in Belfast has been fined for failing to display a valid food hygiene rating sticker.
Belfast Business Fined For Failing To Display Food Hygiene Rating Sticker
A business in Belfast has been fined for failing to display a valid food hygiene rating sticker.
29 April 2002
Property firm Lisney on top of NI property market
Belfast Property consultancy Lisney has been identified as the busiest property agency in Northern Ireland by UK commercial property resource EGi, the online version of leading property journal Estates Gazette.
Property firm Lisney on top of NI property market
Belfast Property consultancy Lisney has been identified as the busiest property agency in Northern Ireland by UK commercial property resource EGi, the online version of leading property journal Estates Gazette.
03 April 2002
RICS urges businesses to "wake up" to property issues
The Royal Institute of Chartered Surveyors (RICS) has launched a new tool aimed at helping UK business to ensure their property arrangements work harder for the bottom line. “Property Solutions” is a web based device designed by RICS to help the UK’s 3.
RICS urges businesses to "wake up" to property issues
The Royal Institute of Chartered Surveyors (RICS) has launched a new tool aimed at helping UK business to ensure their property arrangements work harder for the bottom line. “Property Solutions” is a web based device designed by RICS to help the UK’s 3.
18 June 2010
Revitalised City Centre Welcomed
The re-use of vacant properties as part of an overall scheme to revitalise NI's city centres has been welcomed. NI Finance Minister, Sammy Wilson - who was visiting an arts exhibition - explained how he was helping revitalise Belfast city centre.
Revitalised City Centre Welcomed
The re-use of vacant properties as part of an overall scheme to revitalise NI's city centres has been welcomed. NI Finance Minister, Sammy Wilson - who was visiting an arts exhibition - explained how he was helping revitalise Belfast city centre.
19 July 2010
Irish Credit Rating Downgraded Again
Ireland's international credit rating has again been downgraded by an influential international ratings agency. Moody's is a major ratings agency informing outside investors on investment risk. The agency has downgraded Ireland's sovereign bond rating from Aa1 to Aa2, possibly harming Ireland's ability to attract investment from overseas.
Irish Credit Rating Downgraded Again
Ireland's international credit rating has again been downgraded by an influential international ratings agency. Moody's is a major ratings agency informing outside investors on investment risk. The agency has downgraded Ireland's sovereign bond rating from Aa1 to Aa2, possibly harming Ireland's ability to attract investment from overseas.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
