Welsh business rates holiday for retail sector set to be extended for 12 months
The rates holiday for the retail, leisure and hospitality sectors in Wales will be extended for a further 12 months, the Welsh Government’s Finance Minister Rebecca Evans has announced.
The £380 million package provides retail, leisure and hospitality businesses with rateable values up to £500k, and charities in Wales with a straightforward year-long business rates holiday – going beyond what has been announced in England – providing a much-needed boost for small and medium sized businesses struggling to cope with the impacts of the pandemic.
This relief package, in combination with our existing Small Business Rates Relief scheme will ensure that more than 70,000 businesses will continue to pay no rates at all in 2021-22.
The Minister has also committed to providing businesses and charities in the leisure and hospitality sector with a rateable value of over £500k with 100 per cent rates relief for 2021-22 too.
Finance Minister Rebecca Evans commented that the Welsh Government has worked tirelessly to ensure businesses in Wales have access to the most generous business support package anywhere in the UK.
She said: “Our targeted, responsible approach has allowed us to dedicate more funding for business support than we have received from the UK government. I am pleased to confirm that our 100 per cent rates relief package for those hardest hit sectors will continue for a further 12 months, protecting jobs and businesses across Wales.”
Finance Minister Rebecca Evans has also confirmed that the Land Transaction Tax temporary reduction period will be extended by a further three months so that it will end on 30 June 2021.
Sara Jones, head of the Welsh Retail Consortium, welcomed the rates move but urged the government to allow them to open at the March 12 review.
She said: “The Finance Minister has clearly listened to our representations and has responded positively to remove the burden of business rates for most retailers for the next 12 months.
“This is a big, bold and timely boost for the sector, much of which remains closed and faces an uncertain future without as yet an indicative date for reopening and with mounting cost pressures.”https://thiis.co.uk/welsh-business-rates-holiday-for-retail-sector-set-to-be-extended-for-12-months/https://i0.wp.com/thiis.co.uk/wp-content/uploads/2021/03/Summer_on_Queen_Street_-_Cardiff_-_geograph.org_.uk_-_13639231.jpg?fit=900%2C562&ssl=1https://i0.wp.com/thiis.co.uk/wp-content/uploads/2021/03/Summer_on_Queen_Street_-_Cardiff_-_geograph.org_.uk_-_13639231.jpg?resize=150%2C150&ssl=1NewsroomRetailer NewsTrade Newsbusiness rates,extension,retail,WalesThe rates holiday for the retail, leisure and hospitality sectors in Wales will be extended for a further 12 months, the Welsh Government's Finance Minister Rebecca Evans has announced. The £380 million package provides retail, leisure and hospitality businesses with rateable values up to £500k, and charities in Wales with...Liane McIvorLiane McIvorliane@thiis.co.ukAdministratorTHIIS Magazine