Local Government Secretary has today announced plans for a new scheme to support small businesses affected by the revaluation of business properties.
The £10m scheme will come into effect from April 2017 and is in addition to a £100m tax cut for small businesses in Wales.
Revaluation is carried out by the Valuation Office Agency (VOA) and reassesses all rateable values in Wales and England based on their open market rental value on a fixed date. This is the first such revaluation in Wales since 2010.
From today, businesses can find out their rateable value for 2017 by visiting the VOA’s website.
Some small businesses whose rateable value has increased as a result of revaluation will receive less support from the Welsh Government’s Small Businesses Rate Relief (SBRR) scheme as a consequence.
To reduce the impact of revaluation on these small businesses, the Welsh Government will step in to provide extra support to help them meet the cost of their rates.
Professor Drakeford said:
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“Two weeks ago, I announced that we would be extending our current Small Business Rates Relief scheme for another year and introducing a new permanent scheme in 2018.
“While the revaluation itself is out of our control, we know it may affect some small businesses’ eligibility for our rates relief scheme and that’s why we want to offer this extra support.
“This transitional relief scheme will mean 7,000 more small businesses will now get support in paying their rates.
“This scheme will be fully funded by the Welsh Government rather than being financed by capping reductions for those whose rateable value falls following the revaluation.
“With the introduction of this scheme, more than three-quarters of ratepayers in Wales will receive some form of support next year and the Welsh Government will be providing more than £200m of relief in total.”