SDLP: Small Businesses must reap rewards of rate relief scheme

SDLP Constituency Representative Daniel McCrossan has given a cautious welcome to a response the SDLP received from Sammy Wilson, Minister of Finance and Personnel in relation to the small businesses rate relief scheme.

Mr McCrossan said:

“In this current economic climate small businesses are vulnerable and any reduction in rate payments is to be welcomed. There has been up until now a lack of clear direction as to how the proposed Small Business Rate Relief (SBRR) scheme would be implemented and its remit.

“The SDLP recently submitted a question to the Finance Minister asking him to clarify the conditions for small businesses who are hoping to avail of the 20% reduction in rates, when the reduction will apply and for how long it will last.

“The Minister has informed the SDLP that the scheme will provide much needed support to an additional 3,500 business ratepayers, bringing the total amount of business ratepayers supported by SBRR to just over 27,000.

This week the local SDLP visited a number of businesses in the area and explained how the scheme operates and helped in determining if a business is eligible. The criteria are as follows; Business premises with an NAV of £2000 will receive 50% relief. Business properties with an NAV more than £2000 but less than £5000 will receive 25% relief and business properties with More than an NAV of more than £5000 but less than £15000 will receive 20% relief.

“The scheme is due to last for two years from April 2013 to 31 March 2015. I believe a review of the scheme should take place at that point with a view to extending it further.

“If we are to emerge from this tough economic period we need to give our small businesses a hand-up as they attempt to survive in the current market. Relieving the burden of high rate payments is a welcome development and I would urge the Minister to continually monitor ways in which these businesses can be supported.” If the business community have any queries the SDLP business support group will be happy to help. 02871882828.