The Stormont Assembly has approved regulations to reduce the maximum capital value to £400,000 for rating purposes, from this April.

Finance Minister Nigel Dodds welcomed the decision.

He said: "It ensures that no one in Northern Ireland will pay more than the average council tax-payer in the highest band in England and so further moderates the effects of the rating system introduced under direct rule.

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"In approving this measure the Assembly appreciates the steps that I have taken to ensure that this does not negatively impact on other ratepayers, such as freezing the regional rate and providing financial assistance to councils to moderate the effect on district rates."

Mr Dodds added: "There is a limit to the benefit people derive from the use of regional and local services and to persevere with a local taxation system that can levy a bill equivalent to the absolute highest council tax bill in England is wrong.

"I am pleased that this measure has been passed in time to reduce relevant bills this year."

(PR/JM)