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21 November 2017

Regular Revaluation will help small businesses

The announcement that the Department of Finance will begin work on a fresh non-domestic rates Revaluation was met with encouragement by the Federation of Small Businesses (FSB).

The FSB had previously called for Revaluations to be carried out more frequently - at least every 5 years - to ensure that property valuations better reflect economic conditions.

Wilfred Mitchell, FSB NI Policy Chair, said:

“It is very welcome that work on a Revaluation is being taken forward.

“The 2013 Revaluation exercise which resulted in new commercial property values in 2015 was the first for 12 years and caused a massive rates bill shock for many businesses.

“To avoid such shocks occurring in the future, and to ensure that valuations reflect actual trading values, it is crucial that Revaluation takes place much more regularly.

“It is also vital that Small Business Rates Relief (SBBR), which has enabled firms to invest more in their businesses and create jobs, is continued.

“If government intends to introduce other reliefs in future, this must not detract from the success of SBBR, which has been the Executive’s best economic policy to date.”