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23/04/2018
Businesses Urged To Submit Evidence For Rate Evaluation
Land & Property Services (LPS), part of the Department of Finance, is contacting business ratepayers to collect rental data for the non-domestic rates revaluation – Reval2020.
Business ratepayers and their advisors in Northern Ireland are obliged to provide rental evidence to LPS with a view to preparing a new Valuation List for use from April 2020.
Letters explaining how ratepayers can submit information are being sent to occupiers of commercial premises. Most ratepayers will be able to submit their details online. LPS will use this information to analyse and interpret the current market and assess the rental value of each and every rateable property, which then will be used to calculate individual business rate bills from 1 April 2020.
Alan Brontë, Commissioner of Valuation for Northern Ireland said: "This is a key stage in the process of revaluing around 75,000 properties occupied by businesses and other bodies. I would urge all business ratepayers to submit the necessary information to enable us to make the system fairer for all; this is not an exercise in raising more money for public services.
"Regular revaluations maintain fairness in the rating system by ensuring that the system of business rates adjusts to reflect the changes in the property market over the past 5 years."
Tracy Flannigan, RICS Northern Ireland Commercial Property spokesperson, said: "Regular Revaluations are necessary to ensure that changes in rental values are accounted for in the spread of rates and it is important that businesses provide the information required. Doing so helps ensure that there is greater certainty, consistency and stability reflecting local economic conditions and ultimately making the rating system fairer."
Further information about the process and the revaluation in general can be found at https://www.finance-ni.gov.uk/reval-2020-ni. A helpline (0300 200 7801) is in place to assist ratepayers with any queries they may have regarding completion of the online Reval2020 Rent and Lease Questionnaire.
Business ratepayers and their advisors in Northern Ireland are obliged to provide rental evidence to LPS with a view to preparing a new Valuation List for use from April 2020.
Letters explaining how ratepayers can submit information are being sent to occupiers of commercial premises. Most ratepayers will be able to submit their details online. LPS will use this information to analyse and interpret the current market and assess the rental value of each and every rateable property, which then will be used to calculate individual business rate bills from 1 April 2020.
Alan Brontë, Commissioner of Valuation for Northern Ireland said: "This is a key stage in the process of revaluing around 75,000 properties occupied by businesses and other bodies. I would urge all business ratepayers to submit the necessary information to enable us to make the system fairer for all; this is not an exercise in raising more money for public services.
"Regular revaluations maintain fairness in the rating system by ensuring that the system of business rates adjusts to reflect the changes in the property market over the past 5 years."
Tracy Flannigan, RICS Northern Ireland Commercial Property spokesperson, said: "Regular Revaluations are necessary to ensure that changes in rental values are accounted for in the spread of rates and it is important that businesses provide the information required. Doing so helps ensure that there is greater certainty, consistency and stability reflecting local economic conditions and ultimately making the rating system fairer."
Further information about the process and the revaluation in general can be found at https://www.finance-ni.gov.uk/reval-2020-ni. A helpline (0300 200 7801) is in place to assist ratepayers with any queries they may have regarding completion of the online Reval2020 Rent and Lease Questionnaire.
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Northern Ireland WeatherThis Evening and Tonight:Another dry and mainly cloudy evening and overnight period, likely cloudiest towards coastal Down and Antrim. It will be a mild night in most places but a little colder where skies become clearer. Minimum temperature 7 °C.
