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14/02/2003
Pearson confirms rise in regional rates
It has been confirmed that regional rates for this year are set to go up in Northern Ireland, with a 6% rise for households and 3.3% hike for businesses.
The regional element of the average domestic rate bill will increase from £229 to £243, and the average non-domestic rate bill will increase from £4,326 to £4,468.
NIO Finance Minister Ian Pearson said that the increases were based on figures agreed by the Executive and the then Minister of Finance, Dr Farren, last September.
The domestic regional rate has been fixed at 205.83 pence but this will be reduced by a figure of 65.41 pence in the form of the Domestic Rate Aid Grant – amounting to a 6% increase.
The non-domestic regional rate has been fixed at 25.56 pence and is a decrease of 18.7% on the previous year. This, say the department, is due to the 2003 Non-Domestic Revaluation, which has brought Non-Domestic property up to 2001 values from 1995 values. After allowing for revaluation, the underlying increase is 3.3%.
Public expenditure in Northern Ireland is funded by a block grant from Westminster and by the Regional Rates – which are struck by the Department of Finance and Personnel as a contribution towards services provided by the devolved government departments.
The ratepayers here have a combined rates bill consisting of regional and district rates – the latter being fixed by district councils to meet their net expenditure on services such as leisure facilities, economic development and environmental matters. The district rates vary to reflect the rateable resources and spending policies of individual councils.
District councils are set to strike the rates quotient by tomorrow.
(GMcG)
The regional element of the average domestic rate bill will increase from £229 to £243, and the average non-domestic rate bill will increase from £4,326 to £4,468.
NIO Finance Minister Ian Pearson said that the increases were based on figures agreed by the Executive and the then Minister of Finance, Dr Farren, last September.
The domestic regional rate has been fixed at 205.83 pence but this will be reduced by a figure of 65.41 pence in the form of the Domestic Rate Aid Grant – amounting to a 6% increase.
The non-domestic regional rate has been fixed at 25.56 pence and is a decrease of 18.7% on the previous year. This, say the department, is due to the 2003 Non-Domestic Revaluation, which has brought Non-Domestic property up to 2001 values from 1995 values. After allowing for revaluation, the underlying increase is 3.3%.
Public expenditure in Northern Ireland is funded by a block grant from Westminster and by the Regional Rates – which are struck by the Department of Finance and Personnel as a contribution towards services provided by the devolved government departments.
The ratepayers here have a combined rates bill consisting of regional and district rates – the latter being fixed by district councils to meet their net expenditure on services such as leisure facilities, economic development and environmental matters. The district rates vary to reflect the rateable resources and spending policies of individual councils.
District councils are set to strike the rates quotient by tomorrow.
(GMcG)
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Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
