Encouraging News For Business Rates Payers In Wales
Welsh Government have. issued the latest support to Business Rate payers in Wales, with increased financial support for Small and Medium Businesses (SME’s.)
The new guidance takes place from April 2023 and will support businesses with over £460 Million pound investment over the next two years.
The non-domestic rates multiplier has been frozen for 2023-24, at a cost of more than £200m over the next 2 years. This ensures there will again be no inflationary increase in the amount of rates businesses and other ratepayers are paying.
A further £113m will be provided over the next two years to provide transitional relief for all ratepayers whose bills increase by more than £300 following the UK-wide revaluation exercise, which takes effect on 1 April 2023.
Welsh Government Press Release 12th Dec 22
Retail, Leisure and Hospitality businesses will also benefited from an enhanced £140 Million;
Another £140m will support businesses in the retail, leisure and hospitality sectors. Eligible ratepayers will receive 75% non-domestic rates relief for 2023‑24, a rise from the 50% relief provided in 2022-23.
Welsh Government Press Release 12th Dec 22
Minister for Economy, Vaughan Gething said:
We want Wales to be an attractive place to live, study, work and invest, with businesses supported to deliver a stronger, fairer, greener Welsh economy.
The additional support we have announced today will help us provide more certainty for businesses despite rising costs. I remain fully committed to moving the economy forward by supporting businesses to grow and thrive.
