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Minister announces more rate relief for small businesses
The package of additional support is in line with the Assembly Government’s commitment to increase the number of businesses that benefit from the small business rate relief scheme that was introduced in April 2007.
Around 37,000 businesses across Wales already get help from the small business rate relief scheme and 10,600 more small businesses could benefit from a significant reduction in their rates under the package announced today.
The key changes, to be backdated to 1 April 2008, are:
- increase the upper rateable value limit for most businesses eligible for a 25% reduction from £5,000 to £6,500, reducing their annual rates bill by between £583 and £757.
- 25% reduction for smaller retail premises, including shops, public houses, restaurants and petrol stations, with a rateable value between £6,501 and £9,000, reducing their annual bill by between £757 and £1,049.
- 50% reduction for credit unions with a rateable value of up to £9,000, reducing their bill by between £466 and £2,097.
- 50% reduction for child care businesses and day nurseries with a rateable value up to £12,000, reducing their bill by between £466 and £2,796.
Dr Gibbons said:
This package of relief demonstrates the Assembly Government’s commitment to providing real assistance to smaller businesses to help them in these tough times for the economy.
The package will help small, independently owned shops, public houses, and food outlets and will boost the provision of child care for working parents.
Together with our scheme to provide funding for businesses that allow public access to their toilet facilities, this package provides around £7 million worth of additional assistance for businesses which is in line with our One Wales commitment.