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20/11/2014
£30m Rate Support Scheme Announced For New Councils
A new £30m support scheme to help keep rate bills down under the new council layout in April has been announced by the Department Of Finance.
The scheme will deliver £30m of direct support to both domestic and non-domestic ratepayers. The move has been introduced to curb sudden increases in rate bills that could occur due to the differences that currently exist between the rates set by the existing councils.
The rate support will be phased over the four year term of the council, with an 80% reduction on the increased portion of bills next year, followed by a subsidy of 60%, 40%, and 20% in the remaining years of the scheme.
There are over 500,000 ratepayers in Northern Ireland and the scheme is expected to benefit about 200,000 who are located in areas where district rates are relatively low.
Finance Minister Simon Hamilton said: "This scheme model received broad support in the consultation exercise and I am pleased that we have been able to utilise the funding available to reflect that preference, particularly given the unprecedented pressure on public finances over the next few years. My Department will be monitoring the costs of the scheme carefully for the mid-term review planned in advance of the 2017/18 rating year, to establish if any adjustment to the scheme will be required at that point. Councils, however, must also play their part to manage their affairs and act responsibly when striking their district rates."
(IT/CD)
The scheme will deliver £30m of direct support to both domestic and non-domestic ratepayers. The move has been introduced to curb sudden increases in rate bills that could occur due to the differences that currently exist between the rates set by the existing councils.
The rate support will be phased over the four year term of the council, with an 80% reduction on the increased portion of bills next year, followed by a subsidy of 60%, 40%, and 20% in the remaining years of the scheme.
There are over 500,000 ratepayers in Northern Ireland and the scheme is expected to benefit about 200,000 who are located in areas where district rates are relatively low.
Finance Minister Simon Hamilton said: "This scheme model received broad support in the consultation exercise and I am pleased that we have been able to utilise the funding available to reflect that preference, particularly given the unprecedented pressure on public finances over the next few years. My Department will be monitoring the costs of the scheme carefully for the mid-term review planned in advance of the 2017/18 rating year, to establish if any adjustment to the scheme will be required at that point. Councils, however, must also play their part to manage their affairs and act responsibly when striking their district rates."
(IT/CD)
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