Business rate relief for Welsh retailers extended and increased

It follows the Welsh Government’s extension of Small Business Rates Relief until March 2016, and the continuation of the 2% cap on the business rates multiplier for 2015-16.

The Minister said:

“I am committed to supporting Welsh businesses, especially small businesses and retailers which are vital to our economy. The extension of this scheme together with the others that provide rate relief will boost businesses across Wales and encourage growth.

“In addition, now that we business rates are devolved to Wales I will begin work to look at the longer term recommendations made by the Business Rates Panel on how we use those new powers to benefit the Welsh economy.”

Powers over business rates were fully devolved to Wales on 1 April this year. In 2014, the Minister established the Business Rates Panel, Chaired by Chris Sutton, to recommend ways the new powers could be used to support Welsh businesses and promote economic growth.

The Wales Retail Relief Scheme is open to retail, food and drink businesses occupying premises with a rateable value of £50,000 or less. Under the previous scheme eligible business could claim a discount of up to £1000. It can be provided in addition to Small Business Rates Relief as well as any hardship or discretionary relief awarded by the local authority. The relief will be applied against the net bill after the other reliefs have been applied.

The Welsh Government scheme offers some important enhancements compared to a similar scheme in England such as the inclusion of cinemas, estate agents and letting agents.