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Finance Secretary Mark Drakeford has announced that a permanent Small Business Rates Relief scheme (SBRR) will be introduced from 1 April 2018. The scheme will continue to be developed during 2018/19, the Welsh Government will provide additional relief for certain businesses, including £5m of support to continue the temporary High Street Rates Relief scheme into 2018-19 and an additional £1.3m funding to local authorities, for them to use their discretionary powers to provide targeted relief to support local businesses which would benefit most from additional assistance.
The number of properties eligible for small business rates relief will be limited to two properties per business in each local authority. This means big businesses won’t benefit disproportionately from the scheme and rates relief will be targeted to support local businesses. This releases approximately £7m which is being reinvested in other areas of relief. Full Cabinet Written Statement http://gov.wales/about/cabinet/cabinetstatements/2017/smallbusinesratesrelief/?lang=en The Non-Domestic Rating (Small Business Relief) (Wales) Order 2017 http://www.assembly.wales/laid%20documents/sub-ld11322/sub-ld11322-e.pdf Consultation summary of responses document https://consultations.gov.wales/consultations/delivering-tax-cut-small-businesses-new-small-business-rates-relief-scheme-wales Contact for further information: Local Taxation Policy Branch, Cathays Park, Cardiff, CF10 3NQ Email: [email protected]
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