Rate Relief Boost for Small Businesses in Wrexham

More small businesses in Wrexham will be provided with support and security as details of a new Small Business Rates Relief scheme are revealed by the Welsh Government.

The permanent scheme, which has been welcomed by Wrexham’s Assembly Member, Lesley Griffiths, will be introduced in Wales from 1^st April 2018.

It will limit the number of properties eligible for small business rates relief to two per business in each local authority, preventing larger businesses and national chains from benefiting from the scheme.

This will allow relief to be channelled and targeted more effectively, with an anticipated £7m being reinvested to support small and local businesses every year.

Childcare providers will benefit from extra support, with their upper threshold for rates relief increasing from £12,000 to £20,500, while the scheme also provides £5m across Wales to extend the temporary high streets rates relief scheme into 2018-19.

In addition to providing more than £110m of support for small businesses in Wales every year, local authorities will receive an extra £1.3m to provide targeted relief to local businesses which would benefit most from additional assistance, offering greater flexibility.

Lesley Griffiths AM said: “Business rates have been a prominent issue in Wrexham and across the country, particularly this year after the Valuation Office Agency’s revaluation came into effect in April.”

“This new permanent relief scheme provides certainty and security for businesses.  The targeted approach will offer greater relief to small businesses that need it most, supporting local jobs and economic growth, as well as delivering wider benefits to our local community.”

While the Small Business Rate Relief scheme will be introduced on a permanent basis from 1^st April 2018, the Welsh Government will continue to look at ways of developing the scheme to ensure it best meets the needs of small businesses and local communities across Wales.