Today (12 December), the Welsh Government has announced a package of business rates support in effect through 2023-24 to help businesses to recover from the impacts of the pandemic and current economic challenges.
The key measures announced include:
- Freezing the non-domestic rates multiplier for 2023-24, at a cost of more than £200m over the next two years
- Providing over £140m of non-domestic rates relief for retail, leisure and hospitality businesses in Wales – eligible ratepayers will receive 75% non-domestic rates relief for the duration of 2023-24
- Introducing transitional rate relief to phase increases in business rates
The measures announced are worth more than £460m over the next two financial years.
Earlier this month, ACS signed a letter to the Welsh finance minister Rebecca Evans alongside a number of business representatives and trade bodies calling for the Welsh Government to freeze the business rate multiplier in the coming financial year.
ACS chief executive James Lowman said: “We are pleased that the Welsh Government has listened to our recommendations to freeze the business rates multiplier and extend relief for businesses to help ease the pressures that they are currently facing.
“Local shops are facing increases in their operating costs and need support to continue to provide their communities with access to essential products and services.
“The Welsh Government now needs to push ahead with further reform to the business rates system. We need a rates system that accurately reflects changes in property values and shifts in the economy, and more frequent revaluations would mark a significant step forward in that process.”
The full announcement is available here.
ACS has also responded to the Welsh Government consultation on Reforming Non Domestic Rates in Wales, welcoming the move to more frequent revaluations and highlighting the importance of Small Business Rate Relief to incentivise investment.
ACS’ full submission is available here.