Extra £116m business rates relief for ‘sectors most directly affected by pandemic’ announced by Welsh Government
Welsh Government have announced further pandemic support via their control over business rates, including freezing the non-domestic rates multiplier in Wales for 2022-23.
Rebecca Evans MS, Minister for Finance and Local Government announced the latest move via a statement this afternoon, “I am today announcing that the Welsh Government will be providing an additional £116m package of non-domestic rates relief for businesses in the sectors most directly affected by the Covid-19 pandemic.
“Retail, leisure and hospitality ratepayers in Wales will receive 50% non-domestic rates relief for the duration of 2022-23. Like the scheme announced by the UK Government, the Welsh Government’s Retail, Leisure and Hospitality Rates Relief scheme will be capped at £110,000 per business across Wales. Our approach means that businesses in Wales will receive comparable support to that provided in other parts of the UK.”
“To ensure businesses in Wales are sufficiently supported, and reflecting the nature of our tax base, we have invested an additional £20 million on top of the consequential funding received from the UK Government. This is in addition to our permanent relief schemes that provide over £240m of relief every year.”
Welsh Government say this extended retail, leisure and hospitality relief scheme, in combination with existing permanent relief schemes, will ensure that “over 85,000 properties in Wales are supported in paying their rates bills in 2022-23”.
The Minister added, “Overall, since the outbreak of the pandemic, the Welsh Government has provided extensive additional support to businesses through the non-domestic rates system. Through our reliefs and grant schemes, we have provided over £2.2bn of support to businesses and other ratepayers throughout Wales to help them manage their way through difficult circumstances.”
“The Welsh Government is also announcing a freeze of the non-domestic rates multiplier in Wales for 2022-23. The multiplier is an integral part of determining ratepayers’ bills. This decision will ensure, prior to applying any reliefs, that there will be no increase in the amount of rates which businesses and other ratepayers pay next year.”
“We remain committed to supporting businesses to recover from the impacts of the pandemic and to thrive moving forward.”
No changes have been announced today on revaluation – with Welsh Government previously saying the next non-domestic rates revaluation in Wales will take effect in 2023 and would be based on property values as at 1 April 2021.
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