Edwina Hart announces £15m package to cut business rates bills
31 Mar 2014 04:20 PM
Economy Minister Edwina Hart has announced a
£15m package to cut rates bills for business in
Wales.
This includes an £11.5million funding package to
help cut rates bills for retailers and food and drink
premises.
The
Wales Retail Relief Scheme will provide £1000 discount on the business
rates bill to all qualifying retail premises with a rateable value of less than
£50,000. Grant funding will be made available to local authorities to
operate the scheme in their area in 2014-15.
The
Minister has also announced an additional £3.5m fund for local
authorities to provide additional, targeted rates relief. It will give local
authorities the flexibility to use their local knowledge to provide rates
relief support to other businesses that have been negatively affected by the
postponement of revaluation.
This ‘local need’ scheme is unique to Wales
and local authorities will determine the criteria against which reliefs will be
awarded. Businesses should contact their local authority for more
information.
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.
The
Minister 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.”
Local authorities will be responsible for marketing the
schemes in their area and information will also be available on the Business
Wales website. Detailed criteria for the Wales Retail Relief Scheme will be
contained in guidance to be published on the Welsh Government
website.