The Rates (Small Business Hereditament Relief) (Amendment) Regulations (Northern Ireland) 2025
Introduction
The Rates (Small Business Hereditament Relief) (Amendment) Regulations (Northern Ireland) 2025 (SR 2025 No. 37) is a statutory instrument that amends the Rates (Small Business Hereditament Relief) Regulations (Northern Ireland) 2010 (SR 2010 No. 365). The 2025 Regulations came into effect on February 11, 2025.
Purpose
The purpose of the 2025 Regulations is to amend the 2010 Regulations in order to extend the eligibility criteria for small business hereditament relief (SBHR), a form of rate relief for small businesses in Northern Ireland.
Key Provisions
The 2025 Regulations make the following key amendments to the 2010 Regulations:
- Extension of eligibility criteria: The 2010 Regulations restricted SBHR to businesses with a net annual value (NAV) of £6,000 or less. The 2025 Regulations increase this threshold to £9,000.
- Relief for unoccupied properties: The 2010 Regulations did not provide SBHR for unoccupied properties. The 2025 Regulations introduce a new provision that allows businesses to claim SBHR for unoccupied properties for a period of up to 6 months.
- Eligibility for charities: The 2010 Regulations excluded charities from claiming SBHR. The 2025 Regulations amend this exclusion to allow charities to claim SBHR if they occupy a property for non-profit making purposes.
Implications
The 2025 Regulations will have a number of implications for businesses in Northern Ireland:
- Increased access to SBHR: The extension of eligibility criteria means that more small businesses will be able to claim SBHR.
- Lower business rates for small businesses: The increased SBHR threshold will result in lower business rates for many small businesses.
- Support for charities: The introduction of SBHR for charities will provide financial assistance to non-profit organizations that occupy property in Northern Ireland.
Conclusion
The Rates (Small Business Hereditament Relief) (Amendment) Regulations (Northern Ireland) 2025 are a welcome development for small businesses in Northern Ireland. The regulations extend eligibility criteria, provide relief for unoccupied properties, and allow charities to claim SBHR. These changes will result in lower business rates and increased support for the small business sector in Northern Ireland.
The Rates (Small Business Hereditament Relief) (Amendment) Regulations (Northern Ireland) 2025
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