Small Business Rates Relief extended for year with £98million from Welsh Government

The Welsh Government’s Small Business Rates Relief Scheme will be extended for another year, Economy Minister Edwina Hart has announced.

The £98million scheme, which benefits over three quarters of business premises in Wales, means around half of all eligible businesses will pay no business rates again next financial year.

The Minister confirmed the decision to the Assembly’s Enterprise and Business Committee. She said:

“Extending the Small Business Rates Relief Scheme for a further twelve months until 31 March 2017 will support small businesses across Wales, with many paying no rates at all. As a pro-business government, we are working closely with businesses to create growth and jobs in every part of Wales.”

Under the Small Business Rates Relief Scheme business premises with a rateable value of up to £6,000 receive 100% relief and those with a rateable value between £6,001 and £12,000 will receive relief on a tapered basis from 100% to zero.

Business Rates were devolved to Wales in April 2015. Since then the Welsh Government has focussed on ensuring a smooth transition and maintaining a competitive rates regime in Wales.