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Small Business Rate Relief
The Small Business Rate Relief scheme is a Northern Ireland government initiative, whose aim is to support the growth and sustainability of small businesses in Northern Ireland by providing some small business owners with rate relief. Qualifying businesses will receive the relief on their annual bill during the life of the scheme. The scheme started in April 2010 and it is intended that it will have a life of five years. It will be reviewed before then to establish its effectiveness and value for money.
Who Qualifies?
Eligibility for the Small Business Rate Relief is based on the Net Annual Value (NAV) of your business property.
There are two levels of Small Business Rate Relief:
- Business properties with a NAV of £2,000 or less will receive a reduction of 50% relief.
- Business properties with a NAV of more than £2,000 but not more than £5,000 will receive 25% relief.
Do I need to apply?
There is no application procedure for the Small Business Rate Relief. Instead, relief will be applied automatically to your business rates bill by Land & Property Services (LPS) if you qualify. This will ensure that if you are eligible you will receive the benefit of the rate relief immediately.
You can download the LPS factsheet on Small Business Rate Relief and other forms of relief from www.nibusinessinfo.co.uk/rates
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