Finance Minister John O'Dowd has outlined proposals to reform non-domestic rates to help firms expand and to bring empty premises back into use, as part of a wider programme of rates reform.

Speaking in the Assembly, the Finance Minister said: "I have consistently backed small and medium businesses, recognising both their vital contribution to the economy and the challenges they face in sustaining growth."

"To support businesses through a fair and equitable rates system, I am announcing the next steps in my programme of rates reform and my intention to consult on the introduction of a Business Growth Accelerator and changes to Non-Domestic Vacant Rating."

Under the proposed Business Growth Accelerator, companies that invest in improving their premises would receive a defined period during which their rates would continue to be calculated on the property's pre-improvement value, deferring any immediate uplift and easing cash flow during expansion. Updating the Assembly, the Minister said: "The proposal to introduce a Business Growth Accelerator would see temporary targeted relief offered to businesses that are taking tangible steps to expand their operations and is designed to reduce the upfront financial pressure allowing them to recoup costs and encourage development that might not otherwise proceed."

On vacancies, the Department intends to consult on raising the current liability on empty non-domestic properties — presently up to 50% of the occupied rate — in stages to 75% and then 100%, with the goal of encouraging the re-use of idle space.

Turning to Non-Domestic Vacant Rating, the Minister said: "Alongside the Business Growth Accelerator, I want to examine how Non-Domestic Vacant Rating operates and how increases in liability levels can be best implemented. The consultation will seek views on introducing a phased approach to increases in vacant rating liability rather than a single-step change.

"I want the rating system to support development, improvement and investment. I want to see additional support directed to those businesses that provide vital employment supporting workers, families, and communities. The measures I have set out today reflect my ambition to enable business expansion, tackle vacant properties, and help revitalise our towns, villages and high streets."