New business rates relief schemes to support the childcare, hydropower and retail sectors will come into force today.
The 3 schemes will provide much-needed support to small and local businesses in these uncertain financial times.
The childcare rates relief scheme will provide 100% rates relief for childcare providers and is worth £7.5 million over 3 years. It has been designed to help the sector to operate and grow; to create new jobs and improve access to childcare places. Its impact will be reviewed over the 3-year period.
Up to 50 hydropower projects have benefitted from rates relief over the last year and this will rise as the hydropower projects scheme is extended in 2019-20.
The continuation of the grant scheme will provide greater support to more hydropower developers in Wales. It will support eligible projects, with a rateable value of up to £50,000, to retain the maximum possible benefit for their local area enabling them to re-invest in their local community. The application-based scheme is now open for hydropower projects to apply for a grant towards their business rates.
The high street rates relief scheme was originally launched in April 2017 following the revaluation by the independent Valuation Office Agency.
It is being extended and expanded in 2019-20, providing an extra £23.6 million of support for Welsh retail and high street businesses. The enhanced scheme will go significantly further than in previous years, providing retailers with up to £2,500 towards their non-domestic bills for properties with a rateable value of up to £50,000.
Ratepayers to benefit include shops, restaurants, cafes, pubs and wine bars.
Finance Minister Rebecca Evans said:
“I am pleased these 3 rates relief schemes are helping businesses across 3 very different sectors in Wales during these uncertain times.
“Delivering a tax cut to businesses will help to drive long-term economic growth, supporting jobs and helping to deliver our climate goals while delivering wider benefits to our local communities.”