New support for businesses to pay their bills
New business rates relief schemes to support the childcare, hydropower and retail sectors came into force yesterday.
The 3 schemes will provide much-needed support to small and local businesses in these uncertain financial times.
The childcare rates relief scheme will provide 100% rates relief for childcare providers and is worth £7.5 million over 3 years. It has been designed to help the sector to operate and grow; to create new jobs and improve access to childcare places. Its impact will be reviewed over the 3-year period.
Up to 50 hydropower projects have benefitted from rates relief over the last year and this will rise as the hydropower projects scheme is extended in 2019-20.
The continuation of the grant scheme will provide greater support to more hydropower developers in Wales. It will support eligible projects, with a rateable value of up to £50,000, to retain the maximum possible benefit for their local area enabling them to re-invest in their local community. The application-based scheme is now open for hydropower projects to apply for a grant towards their business rates.
The high street rates relief scheme was originally launched in April 2017 following the revaluation by the independent Valuation Office Agency.
It is being extended and expanded in 2019-20, providing an extra £23.6 million of support for Welsh retail and high street businesses. The enhanced scheme will go significantly further than in previous years, providing retailers with up to £2,500 towards their non-domestic bills for properties with a rateable value of up to £50,000.
Ratepayers to benefit include shops, restaurants, cafes, pubs and wine bars.
Finance Minister Rebecca Evans yesterday said:
I am pleased these 3 rates relief schemes are helping businesses across 3 very different sectors in Wales during these uncertain times.
Delivering a tax cut to businesses will help to drive long-term economic growth, supporting jobs and helping to deliver our climate goals while delivering wider benefits to our local communities.
Latest News from
St David Awards 2021: New award for pandemic heroes18/09/2020 16:05:00
First Minister Mark Drakeford is calling on the people of Wales to help find the country’s most extraordinary people, by nominating them for a St David Awards.
Envoys appointed to promote Wales as an investment location on the world stage18/09/2020 11:05:00
Three envoys passionate about Wales have been appointed by the Welsh Government to promote the country abroad.
Finance ministers express ‘real concerns’ over UK Internal Market Bill18/09/2020 09:05:00
Finance Ministers from Wales, Scotland and Northern Ireland have met to discuss a range of fiscal matters and voiced their collective concerns about the financial implications the UK Internal Market Bill will have on devolved governments.
OECD supports Welsh move to regionalism17/09/2020 16:05:00
A new report from international experts the OECD provides evidence to support the Welsh Government’s approach to regional economic development in Wales.
£14 million funding package for Wales’ sport and leisure sector17/09/2020 14:05:00
Deputy Minister for Culture, Sport and Tourism, Lord Elis-Thomas has today announced a funding package to support Wales’ sport and leisure sector.
Temporary increase in the notice period for eviction to be extended17/09/2020 11:05:00
The temporary increase in notice periods for eviction, including those announced in July, will be extended to 31 March 2021, Housing and Local Government Minister Julie James recently (15 September 2020) announced.
Local restrictions imposed to control Rhondda Cynon Taf outbreak17/09/2020 09:05:00
Coronavirus laws are being tightened in Rhondda Cynon Taf Council area following a sharp increase in cases of the virus, Health Minister Vaughan Gething has confirmed.
Welsh Government launches survey to determine the impact of Covid-19 on the use of the Welsh language in the community16/09/2020 14:05:00
The Welsh Government recently (14 September 2020) launched a community survey into the impact of the restrictions imposed by Covid-19 on volunteering through the medium of Welsh and use of the Welsh language.
Cultural Recovery Fund - Open for applications16/09/2020 11:05:00
As of today organisations in the culture and heritage sector can apply for financial support from the Welsh Government’s £53 million Cultural Recovery Fund.