Finance Secretary Mark Drakeford has announced a new small business rate relief scheme is set to be introduced from the 1st of April 2018 in Wales.
The new permanent scheme means that the number of properties eligible for small business rate relief will be limited to properties in each local authority. This is aimed at preventing larger and national chain businesses benefiting from the scheme.
The plan is for relief to be targeted more effectively to help small and local businesses, with £7m every year being reinvested to help small businesses.
The SBBR scheme will also provide
· More support for the childcare sector, increasing the upper threshold for rates relief for childcare providers from £12,000 to £20,500.
· Targeted support for small hydropower projects, in line with the Budget agreement with Plaid Cymru.
· £5m of investment to extend the temporary high street rates relief scheme into 2018-19;
· An extra £1.3m for local authorities for 2018-19, to give them the power to target relief to help local businesses including those who would benefit most from the additional assistance.
Mr Drakeford has also announced an extra £9m and £22m, will be allocated in the final budget in 2018/19 and 2019/20 respectively, with the aim of switching from RPI to CPI for business rates from April next year.
The Finance Secretary also announced today an extra £9m and £22m will be allocated in the final Budget in 2018-19 and 2019-20 respectively, to support the switch from RPI to CPI for business rates from April 2018.
Professor Drakeford has said that the introduction of a permanent small business rates relief scheme next year would “provide certainty and security for small businesses in Wales.” The permanent scheme would see the Welsh Government maintain their level of support for small businesses after £110m of support this year. Mr Drakeford added that “the scheme will target effective support to businesses – helping to create jobs and deliver benefits to the local communities”
Changes to the Small Business Rates Relief scheme are being introduced following a public consultation on a permanent scheme in the autumn.
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