Hotel and pub valuations reduced in list to calculate business rates

Hotels and pubs have had their valuations reduced in a new list used to calculate business rates in Northern Ireland.

Business rates are charged on most non-domestic premises including shops, offices, warehouses, factories, hotels and pubs as well as utilities such as gas, water, electricity and wind farms. The office sector's rateable value increased by 10% overall, while warehouse and storage property rose by 12% and manufacturing property by 11%.

Around 75% of non-domestic properties here are entitled to some form of rate relief, which in the vast majority of cases will not be affected by the revaluation. "The amount of money raised through rates will not change as a direct result of Reval2023. The purpose of this revaluation is to maintain fairness in the rating system, not to raise more revenue."

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