Microgeneration To Be De-rated Under New Proposals
Under new proposals the Department of Finance and Personnel have announced that Microgeneration Plant and Equipment will not be assessed for rates in accordance with the current valuation list. This is essentially a harmonising measure with similar legislation already enacted within GB and is not an NI initiative.
In the March 2008 Budget, the Chancellor announced a range of measures to promote sustainable growth. Included in the measures announced for England was one relating to occupiers of commercial premises who install carbon saving microgeneration equipment such as solar panels, wind turbines, and ground source heat pumps. The installation of such equipment in business premises can trigger an increased liability for business rates.
In GB legislation has already been implemented to provide that businesses will no longer be liable for any potential increase in rateable value attributable to such equipment and plant value for the duration of the Valuation List – Northern Ireland is now to benefit from the same concessions.
Microgeneration Equipment includes:-
biomass;biofuels; fuel cells; photovoltaics; water (including waves and tides); wind; solar power; geothermal sources; heat from air, water or the ground; combined heat and power systems