- March 16, 2017
- Posted by: Lesley Griffiths AM
- Category: Latest News
Wrexham businesses can receive extra support as further details of a £10m targeted relief scheme has been outlined by the Welsh Government.
The scheme will support almost 15,000 shops, restaurants, pubs and cafes, including those which have seen their rates increase as a result of the independent Valuation Office Agency’s (VOA) revaluation, which comes into effect on April 1.
The high street rates relief scheme will also provide support to other retailers – some of whom have seen their rates decrease as a result of revaluation – who are struggling in the face of economic conditions and competition from online and out-of-town providers.
Wrexham’s Assembly Member Lesley Griffiths has welcomed the additional investment and said:
“On the whole, Wrexham businesses appear to have benefited from the VOA’s revaluation. However, there are clearly some winners and losers and this additional investment will specifically target the businesses which have been adversely affected by the process.”
“This targeted high street rates relief is unique to Wales and will provide crucial support to small and medium businesses that are so important to our local economy.”
“Coupled with the £10m transitional relief scheme and the £100m tax cut for small businesses announced in recent months, I am proud the Welsh Labour Government is doing all it can to ensure Welsh businesses are competitive. The measures mean three quarters of all ratepayers in Wales are receiving some form of support.”
Under the new scheme, eligible retailers will receive up to £1,500 off their non-domestic rates bill if they have a rateable value of £50,000 or less in the 2017 18 financial year.
To maximise the amount of support which can be provided and ensure it is targeted at areas and businesses most in need, there will be two tiers of relief available.
The first tier of relief will apply to high street retailers with a rateable value of between £6,001 and £12,000 who are already receiving either small business rates relief (SBRR) or transitional rates relief. They will receive a reduction in their rates bill of £500 or, if their bill is less than £500, it will be reduced to nil.
The second tier of relief will apply to eligible high street retailers with a rateable value of between £12,001 and £50,000 which are experiencing a rates increase from April 1. These ratepayers will receive a reduction in their rates bill of £1,500.