The ‘Back in Business Rate Support Scheme’ – What is it and who can Apply?

The Back in Business Rate Support Scheme (“the Scheme”) is funded by the Department of Finance and offers businesses a 50% rates discount for up to two years if they occupy a vacant retail unit. This Scheme is designed to incentivise business rate payers to consider the occupation of empty retail premises when looking for a business property.

Important points to consider before applying for the Back in Business Rate Support Scheme include:

• The rates discount of 50% is granted for 24 months beginning on the day which the retail unit becomes occupied.
• If the premises is rented, and the landlord is liable to pay rates, the landlord must pass benefit onto tenants.
• A tenant is unable to avail of any other occupied reliefs for exemptions during the period a tenant is availing of the Scheme.
• The Scheme will apply whether or not the property is used for retail purposes on first occupation after it has been empty for at least 12 months.
• The Scheme is now open for applications until 31 March 2023.

Eligibility criteria for the Back in Business Rate Support Scheme:

• You must have occupied business premises on or after 1 April 2022.
• The business premises you occupy must have been previously vacant for a minimum of 12 months prior to the date you occupied the property.
• The business premises must have been valued for rates and used for retail purposes (meaning the retail provision of goods or services to members of the public who visit the property).

How to Apply to the Scheme

Businesses who wish to apply to the Scheme should complete the relevant application form and submit it along with the supporting documentation to the Land and Property Services.

How Cleaver Fulton Rankin can Help

If you plan on acquiring, or taking on a new lease for a vacant retail unit we can assist by carrying out all the necessary legal work, such as due diligence of vacant unit, reviewing title deeds, and negotiating and completing sale or lease documentation. If you would like any further information about the Back in Business Rate Support Scheme, or any other commercial real estate matter, please get in touch with a member of our Commercial Real Estate team.

 

This article has been produced for general information purposes and further advice should be sought from a professional advisor. Please contact our Commercial Real Estate team at Cleaver Fulton Rankin for further advice or information.

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