Welsh Government extends business rates holiday for another year and reveals further support measures

Retail, leisure and hospitality businesses in Wrexham with a rateable value of up to £500,000 will not have to pay any business rates for a further 12 months.

The £380 million package extends the business rates holiday to cover the upcoming financial year – going beyond what has been announced in England – and provides a much needed boost for small and medium sized businesses continuing to deal with the impact of the pandemic.

The Welsh Government believes this latest package of support will ensure more than 70,000 businesses continue to pay no rates at all in 2021-22 and Wrexham’s Member of the Senedd has welcomed the news.

Lesley Griffiths MS said: “I do not underestimate how difficult this period has been for local firms and the weeks and months ahead will continue to be challenging.  I am sure this latest announcement will be a relief to many and I hope it provides local businesses with greater certainty in these troubling times.

“Latest figures show the Welsh Government has now provided more than £1.9 billion to businesses so far during the pandemic, and I know thousands of Wrexham firms have benefited.  Much of the Welsh Government support is in addition to what the UK Government offers, meaning businesses in Wales have received the most generous package of financial support anywhere in the UK.”

In addition to the business rates holiday, a further £30m is being made available for hospitality, leisure and tourism businesses.  This funding, which firms will have to apply for, is targeted at businesses employing ten or more staff in recognition of the relatively higher level of operating costs they face.

Eligible businesses will be able to apply for this funding from 10am on Tuesday 9 March until 8pm on Friday 12 March.  An eligibility checker is available on the Business Wales website now that outlines all the details and will help businesses prepare their bids.

The Welsh Government has also revealed that pending the outcome of the next review of Covid regulations on 12 March, a further £150m could be made available to firms via the Non Domestic Rates scheme if restrictions are extended.

More information can be found on the Business Wales website