FSB and small business rates relief

The Executive recognizes the necessity to rejuvenate the local economy because and is shown in the proposals to rebalance the burden of the rates, said policy chairman of the Federation of Small Businesses Wilfred Mitchell.

The virtues of the (SBRR) small business rates relief have long been championed by the FSB and it is encouraging to see the Finance Minister’s commitment for an April 2010 introduction after hard FSB lobbying.

Before this the only region in the UK without the same system was Northern Ireland and recognizing the necessity to establish one, the federation made it their priority to make sure legislation was put into place as soon as possible in the province. That of course was not something that happened overnight it actually took several years to be put in place.

During that time an instrumental role was played by the FSB in achieving the new system being introduced through extensive lobbying, surveying members, meeting with ministers and researching the fair model and cost effective rates relief that had to be implemented.

When the scheme was unveiled in 2010 by Sammy Wilson Finance Minister everyone was delighted that many of the recommendations we gave were included as part of the legislation and close to 8,000 small firms would benefit by it in the amount of about £8m and possibly up to £16m. We are pleased with the legislation and hope an extension of the legislation will help even more small firms with much needed working capital.