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01/03/2024
Executive Agrees Increase In Regional Rate For 2024/25
The Executive has agreed an increase in the regional rate for 2024/25, to rise is line with inflation.
If substantially approved by the Assembly, the regional rate element of the bill would add 46p per week to the bill for a domestic property with an average capital value of £123,000 and £10.73 per week for a typical non-domestic property with a £50,000 rateable value.
Following the Executive decision to set the Regional Rate in line with inflation (4%) for domestic and non-domestic ratepayers, Finance Minister Dr Archibald MLA said: "This year rates have raised over £1.5bn which provides public funding, including for health, education, policing as well as funding council services.
"Recognising the pressure on households and businesses the Executive has agreed to keep the Regional Rate in line with inflation. The level set will go some way towards addressing the budget challenges we face while taking into account the acute pressures on our workers, families and business owners.
"Today's decision if approved by the Assembly would provide additional revenue of up to £30 million for our public services."
£247 million of rate relief support is already provided to 75% of businesses with over £100 million of rate relief provided for households.
Reaffirming her commitment to looking at responses to the recent rates consultation, Minister Archibald said: "Over 1,400 people and organisations responded to the recent consultation on domestic and non-domestic rate reliefs. I want to take the time to understand the views that have been expressed.
"It's important we look at the rating system to ensure it is fair, equitable and progressive. We want it to align it with the Executive's economic vision, expanding our tax base and supporting businesses to grow and create jobs.
"Transforming our public services will take time and investment. I have had a constructive engagement with the Chief Secretary to the Treasury and look forward to continued engagement."
If substantially approved by the Assembly, the regional rate element of the bill would add 46p per week to the bill for a domestic property with an average capital value of £123,000 and £10.73 per week for a typical non-domestic property with a £50,000 rateable value.
Following the Executive decision to set the Regional Rate in line with inflation (4%) for domestic and non-domestic ratepayers, Finance Minister Dr Archibald MLA said: "This year rates have raised over £1.5bn which provides public funding, including for health, education, policing as well as funding council services.
"Recognising the pressure on households and businesses the Executive has agreed to keep the Regional Rate in line with inflation. The level set will go some way towards addressing the budget challenges we face while taking into account the acute pressures on our workers, families and business owners.
"Today's decision if approved by the Assembly would provide additional revenue of up to £30 million for our public services."
£247 million of rate relief support is already provided to 75% of businesses with over £100 million of rate relief provided for households.
Reaffirming her commitment to looking at responses to the recent rates consultation, Minister Archibald said: "Over 1,400 people and organisations responded to the recent consultation on domestic and non-domestic rate reliefs. I want to take the time to understand the views that have been expressed.
"It's important we look at the rating system to ensure it is fair, equitable and progressive. We want it to align it with the Executive's economic vision, expanding our tax base and supporting businesses to grow and create jobs.
"Transforming our public services will take time and investment. I have had a constructive engagement with the Chief Secretary to the Treasury and look forward to continued engagement."
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10 April 2018
Rate Bills Due To Be Issued To Homes And Businesses
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Rate Bills Due To Be Issued To Homes And Businesses
Rate bills are due to be issued to homes and businesses in Northern Ireland from Land & Property Services (LPS), part of the Department of Finance. The bill outlines the amount due for the billing period 2018/19 and includes any debt from previous years that has not been paid, along with any rate relief where applicable.
02 April 2015
Ratepayers To Receive New Rate Bills
Homeowners and businesses throughout the new Belfast District Council area are to receive their rate bill for 2015/16 this week. The bill will show the amount due for the new billing period 2015/16, including any debt that may have been carried forward from previous years, along with any rate relief, where applicable.
Ratepayers To Receive New Rate Bills
Homeowners and businesses throughout the new Belfast District Council area are to receive their rate bill for 2015/16 this week. The bill will show the amount due for the new billing period 2015/16, including any debt that may have been carried forward from previous years, along with any rate relief, where applicable.
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Finance Minister Announces New Annual Rate Statement
A new annual rate statement for all domestic rate payers in Northern Ireland has been introduced by the Finance Minister. From April 2015, the annual rate statement will show how households' rate payment contributes to the provision of public services such as health, education and roads, as well as a range of other important regional services.
Finance Minister Announces New Annual Rate Statement
A new annual rate statement for all domestic rate payers in Northern Ireland has been introduced by the Finance Minister. From April 2015, the annual rate statement will show how households' rate payment contributes to the provision of public services such as health, education and roads, as well as a range of other important regional services.
05 February 2009
Three NI Banks Cut Interest Rates
Most of Northern Ireland's big banks have agreed to adopt the latest UK interest rate cut. First Trust, Bank of Ireland and Ulster Bank have all brought their base rates into line with the reduction. The Bank of Ireland and Ulster Bank both said they were reviewing how the cut would affect standard variable rate products.
Three NI Banks Cut Interest Rates
Most of Northern Ireland's big banks have agreed to adopt the latest UK interest rate cut. First Trust, Bank of Ireland and Ulster Bank have all brought their base rates into line with the reduction. The Bank of Ireland and Ulster Bank both said they were reviewing how the cut would affect standard variable rate products.
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Northern Ireland WeatherThis Evening and 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.
