The Welsh Government have released more details about how the £10 Million pound extra funding will help businesses in Wales.
Welsh Government have released details and information around the £10 million pound extra funding, that was recently announced by Government, will be distributed to the 22 local authorities in Wales to provide further assistance to certain retail businesses (shops, pubs, restaurants, cafes)
Two tiers have been put in place to help businesses affected by the business rates changes these are broken down as follows;
Tier 1 – lower level of support of £500* (reduced if remaining liability is less than £500.)
High street retailers with a rateable value between £6,001 and £12,000 in 2017/2018 and meet the following criteria;
- in receipt of SBBR (small business rate relief) on 01.04.2017
- in receipt of Transitional relief on 01.04.2017
*This is applicable to businesses whose rates have increased or decreased in line with the changes.
Tier 2 – higher level of support of £1,500 (reduced if remaining liability is less than £1,500)
High street retailers with a rateable value between £12,001 and £50,000 for the financial year 2017/2018 and meet the following criteria.
- Not in receipt of SBBR or transitional relief on 01.04.2017
- Have an increased rate liability on 01.04.2017
Some aspects of the high street rate relief scheme have yet to be formally confirmed and as such, will not be reflected on the rates bill, (which is due out within the next week) Monmouthshire County Council expect this to be applied in early summer and those eligible will receive revised rates bills.
This funding is being applied automatically by Monmouthshire County Council, and rate payers are advised to continue making the monthly instalment as normal.