|Printable version||E-mail this to a friend|
Half of businesses in Wales will not pay business rates for a year
The Social Justice and Local Government Minister, Carl Sargeant, has increased rates relief for business in Wales. From 1st October 2010 until 30 September 2011 at least half of businesses in Wales will not pay business rates.
Most business premises with a rateable value up to £6,000 will not pay any business rates and most of those with a rateable value between £6,001 and £12,000 will receive rate relief that will be reduced on a tapered basis. This means that business premises with a rateable value of £8,000 will get around 66% rate relief; whilst those with a rateable value of £10,000 will get around 33% relief.
Importantly, if businesses receive a higher rate of relief under the current scheme than under the enhanced relief scheme they will continue to receive the rate of relief that is most beneficial to them. For example, Post Offices will continue to receive up to 100% rate relief under the current arrangements.
Carl Sargeant said:
“This is a welcome boost for businesses in Wales as over 60% will benefit from a significant reduction in their business rates. A twelve month rates holiday for half of Welsh businesses will leave them with more cash in their pocket to invest back in to their company.
“The package of additional rate relief demonstrates my commitment to providing assistance to businesses in today’s tough economic climate.”