On Friday 17th February the Cabinet Secretary for Finance and Local Government, Mark Drakeford AM announced an extra £10 million from Welsh Government to help high street retailers, pubs and restaurants with their non-domestic rates. Some details have now been announced & more are expected to follow in the next few weeks.
Here is the link to the statement:
- Small Business Rate Relief (SBRR) scheme which is already in place will remain the same until 31st March 2018
- Transitional Rate Relief scheme (announced in December) will help ratepayers whose entitlement to SBRR is reduced or removed due to an increase in the rateable value of their premises following the revaluation which takes effect from 1st April 2017
- One-year Targeted High Street Relief scheme announced last week is new and is in addition to the above schemes. Council’s Business Rates Teams do not yet have any further details on how this scheme will work and are awaiting an update from Welsh Government.
- Actual relief ascribed to each individual business will need to be calculated by the respective Local Authority’s Business Rates team.
- Business Rates in Wales are devolved so they differ from England, meaning that Small Business Rate Relief & Transitional Rate Relief will be different in Wales.
- From 1st April the appeals system in England is changing but the Welsh Government has yet to decide on a new system for Wales, more details are expected soon.