Menu
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.
Related Northern Ireland Business News Stories
Click here for the latest headlines.
16 December 2011
Big Stores 'Tax' Boosts Smaller Ones
A levy on large stores across NI is to go ahead - but at a reduced rate than originally proposed. The 'Tesco tax' as it has been named means that large retailers might then limit investment - and cost job creation opportunities.
Big Stores 'Tax' Boosts Smaller Ones
A levy on large stores across NI is to go ahead - but at a reduced rate than originally proposed. The 'Tesco tax' as it has been named means that large retailers might then limit investment - and cost job creation opportunities.
14 August 2001
Inflation rate fall may herald a further interest rate cut
Speculation is growing that a fall in the underlying inflation rate, down to 2.2 per cent, may give the Bank of England’s Monetary Policy Committee further room for manoeuvre to lower interest rates. Continued severe pressure on manufacturing industry has prompted further calls from industry leaders seeking another cut in the UK interest rate.
Inflation rate fall may herald a further interest rate cut
Speculation is growing that a fall in the underlying inflation rate, down to 2.2 per cent, may give the Bank of England’s Monetary Policy Committee further room for manoeuvre to lower interest rates. Continued severe pressure on manufacturing industry has prompted further calls from industry leaders seeking another cut in the UK interest rate.
27 September 2011
Irish Property Prices 'Down 1.6%'
Ireland's residential property prices have fallen by 1.6% in August, so say figures released by the Central Statistics Office (CSO). The CSO's monthly Residential Property Price Index revealed that overall house prices have fallen by 13.9% in the year to August. This compares with an annual rate of decline of 12.5% in July and a decline of 10.
Irish Property Prices 'Down 1.6%'
Ireland's residential property prices have fallen by 1.6% in August, so say figures released by the Central Statistics Office (CSO). The CSO's monthly Residential Property Price Index revealed that overall house prices have fallen by 13.9% in the year to August. This compares with an annual rate of decline of 12.5% in July and a decline of 10.
20 March 2020
Govt Support Grants To Ease Cash Flow Pressures
Grants of £10,000 and £25,000 have been made available to ease the cash flow pressures on eligible small businesses. The Northern Ireland Executive announced the schemes as it steps up measures to protect local firms impacted by coronavirus.
Govt Support Grants To Ease Cash Flow Pressures
Grants of £10,000 and £25,000 have been made available to ease the cash flow pressures on eligible small businesses. The Northern Ireland Executive announced the schemes as it steps up measures to protect local firms impacted by coronavirus.
14 November 2012
NI Unemployment Rate Remains Unchanged
Figures released today for the period July - September 2012 show that the Northern Ireland unemployment rate remained unchanged over the quarter at 7.6%. More recent figures for October 2012 show that the number of unemployment benefit claimants increased by 600 from the previous month's revised figure.
NI Unemployment Rate Remains Unchanged
Figures released today for the period July - September 2012 show that the Northern Ireland unemployment rate remained unchanged over the quarter at 7.6%. More recent figures for October 2012 show that the number of unemployment benefit claimants increased by 600 from the previous month's revised figure.
-
Northern Ireland WeatherToday:A mild and breezy Christmas Day. Also rather cloudy but mainly dry with a few bright or sunny spells developing, more especially over parts of Antrim and County Down. Maximum temperature 12 °C.Tonight:Cloudy, mainly dry at first this evening but then occasional outbreaks of rain developing overnight. Light southwest winds, and staying mild. Minimum temperature 9 °C.
