20/12/2017 - Permanent Small Business Rate Relief Scheme For Wales
Finance Secretary Mark Drakeford has announced a permanent small business
rate relief scheme will be introduced in Wales from 1 April 2018.
The new permanent scheme
will limit the number of properties eligible for small business rate 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 targeted more effectively to support small and local businesses and
release £7m every year to be re-invested to support small businesses.
In addition to providing
more than £110m of support for small businesses in Wales every year, the new
permanent small business rate relief (SBBR) scheme will also provide:-
- Additional 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 to extend the temporary high street
rates relief scheme into 2018-19
- An extra £1.3m for local authorities for
2018-19, for them to use their discretionary powers to provide targeted relief
to support local businesses which would benefit most from additional
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