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)
Related Northern Ireland News Stories
Click here for the latest headlines.
27 March 2024
Health Minister To Seek Deferral Of All Hospital Parking Charges
Health Minister, Robin Swann, has announced that he will seek a deferral to legislation to remove all hospital parking charges from 12 May, 2024. Minister Swann said that he will ask the Assembly to defer the measure for a two year period.
Health Minister To Seek Deferral Of All Hospital Parking Charges
Health Minister, Robin Swann, has announced that he will seek a deferral to legislation to remove all hospital parking charges from 12 May, 2024. Minister Swann said that he will ask the Assembly to defer the measure for a two year period.
27 May 2022
Finance Minister To Ensure Energy Payments Are Made In NI
Finance Minister, Conor Murphy, has said that he is committed to working with Treasury to ensure the Energy Bills Support Scheme will provide assistance to citizens here given the absence of an Executive.
Finance Minister To Ensure Energy Payments Are Made In NI
Finance Minister, Conor Murphy, has said that he is committed to working with Treasury to ensure the Energy Bills Support Scheme will provide assistance to citizens here given the absence of an Executive.
10 April 2018
Rate Bills Due To Be Issued To Homes And Businesses
Rate bills are due to be issued to homes and businesses in Northern Ireland from Land & Property Services (LPS), part of the Department of Finance. The bill outlines the amount due for the billing period 2018/19 and includes any debt from previous years that has not been paid, along with any rate relief where applicable.
Rate Bills Due To Be Issued To Homes And Businesses
Rate bills are due to be issued to homes and businesses in Northern Ireland from Land & Property Services (LPS), part of the Department of Finance. The bill outlines the amount due for the billing period 2018/19 and includes any debt from previous years that has not been paid, along with any rate relief where applicable.
22 March 2024
New Support Programme For NI's 'Global Businesses Of The Future'
A new programme to support Northern Ireland's early-stage, technology-based, start-up businesses and entrepreneurs to become "global businesses of the future" has been announced Economy Minister Conor Murphy.
New Support Programme For NI's 'Global Businesses Of The Future'
A new programme to support Northern Ireland's early-stage, technology-based, start-up businesses and entrepreneurs to become "global businesses of the future" has been announced Economy Minister Conor Murphy.
05 February 2020
Govt Commits To Almost £300m Funding For Farmers
Local farmers are to share in Direct Payments worth £293 million this year, the Department for Agriculture has confirmed. Agriculture Minister Edwin Poots announced the funding during a visit to Ballymena Mart on Tuesday, setting out his aims to make full payments from 16 October 2020. It follows the necessary legislation in Parliament.
Govt Commits To Almost £300m Funding For Farmers
Local farmers are to share in Direct Payments worth £293 million this year, the Department for Agriculture has confirmed. Agriculture Minister Edwin Poots announced the funding during a visit to Ballymena Mart on Tuesday, setting out his aims to make full payments from 16 October 2020. It follows the necessary legislation in Parliament.
-
Northern Ireland WeatherToday:Mainly dry this morning with sunny spells then scattered showers breaking out this afternoon. A chilly start then feeling warmer in afternoon sunshine. Light southerly winds. Maximum temperature 11 °C.Tonight:Any showers at first soon dying out. Then dry overnight with clear periods and turning chilly with a touch of frost later tonight. Minimum temperature 1 °C.