Minister Meets Businessman Benefitting From Empty Retail Premises Relief

Finance Minister Sammy Wilson has congratulated a local man from Lisburn who is benefitting from the recently introduced discount for empty retail premises.

Mr Desmond Storey has opened a sewing alterations shop in Smithfield Square in Lisburn and will now benefit from a 50% discount on his rates for 12 months.

Mr Wilson said: "During the rating consultation last year I listened to views expressed from the local business community about the high number of empty shops in our town centres. As a result a one year concession was made available from 1 April, allowing 50% empty property relief to continue for a year on long term empty retail premises. It will apply where the property becomes occupied in 2012/13 and has been empty for 12 months or more.

"I am very encouraged by today's visit and delighted to see first hand the success of this new scheme. Mr Storey has set up a sewing alterations business creating two new full time jobs. The new business will complement his existing dry cleaning business and I am sure the 50% concession will be of great help to Mr Storey in the first year of his new venture. The empty retail premises relief is unique in the UK and is helping to revitalise our town centres as well as creating much needed employment during these difficult economic times."

While visiting Lisburn the Minister also participated in a round table discussion with Jeffrey Donaldson MP, and traders on the impact of business closures. During this discussion Mr Wilson highlighted the Executive's ongoing support for town and city centres.

He said: "The Executive has recognised the difficulty that businesses have endured and have agreed that rates should be held at the rate of inflation, through to the 2014/15 rating year, providing certainty and stability for ratepayers in terms of financial planning. This builds on the regional rate freeze over the last four years, keeping rate increases as low as possible and means that, by 2015, rates will have been frozen in real terms in Northern Ireland for seven straight years.

"In addition, the Small Business Rate Relief scheme was expanded in April 2012 resulting in around 564 small businesses in the Lisburn City Council area benefitting from a 20% discount on their rates, worth just under £375,000 or around £663 for each business. This support is a welcome assistance to many small businesses who have been adversely affected by the downturn. In total around 1,286 businesses in the Lisburn City Council area are now receiving help with their rates, with an average annual award of around £512."

He concluded: "Although I cannot work miracles and immunise any sector of the business community from the effects of this prolonged recession, I do want to ensure that more support is targeted towards small businesses in town and city centres which have not fared as well during the downturn.

"My Department is currently undertaking an in year review of the Small Business Rate Relief Scheme. Given the expansion of the scheme in April, I feel there is merit at this early stage in analysing which businesses are benefiting from this relief, and whether further refinements could be made to better target help to those in most need. I would remind traders that the in year review is their chance to have their voice heard on how the scheme is operating and that comments should be submitted by 5 October."

(CD/GK)