Welsh Government announces £15m package to cut business rates bills

A host of Welsh businesses will receive a £1000 discount on the business rates bill as part of a £15m package that has just been announced by the Welsh government.

The Wales Retail Relief Scheme includes an £11.5m funding package to help cut rates bills for retailers and food and drink premises with a rateable value of less than £50,000, a news report in the local business media has revealed.

The government has also announced that an additional £3.5m will be made available to local authorities in order to provide additional, targeted rates relief. The funds will be made available to local authorities in the 2014-15 fiscal year.

Plus, the new scheme is not intended to replace existing relief schemes, but rather to supplement them. In fact, the Wales Retail Relief can be provided in addition to Small Business Rates Relief and relief provided under the Open for Business Scheme as well as any hardship or discretionary relief awarded by the local authority.

Welsh Minister for Economy, Science and Transport, Edwina Hart, said: "Together these support packages will provide assistance to many businesses during this current economic situation and also inject money into the Welsh economy and support jobs.

“It goes beyond assisting retailers and forms part of the package of Welsh Government aid aimed at supporting Wales’ high streets and shopping areas to become more sustainable in what is currently a rapidly changing retail environment.

“The Business Rates Task and Finish Group I set up indicated that retail business has been most affected by the UK Government’s decision to postpone business rates revaluation. This rates relief scheme is targeted at those businesses.

“Local authorities are in the best position to understand particular local need and may use the additional funding I announced to provide business rates relief in a way which supports other local economic development priorities. In addition, local authorities may wish to collaborate on regional or city regional areas.”