Business to get £7m rate relief

The assembly government has announced a £7m rate relief package to help small businesses across Wales.

Around 37,000 businesses already get help from the small business rate relief scheme but 10,600 more could benefit as part of this new move.

It is in line with a commitment to increase the number of businesses that benefit from the scheme it introduced in April 2007.

The key changes in this latest package will be backdated to 1 April 2008.

Local Government Minister Dr Brian Gibbons announced the deal on Thursday saying it was designed to help smaller businesses through the increasingly tough economic climate.

The package is specifically designed to aid small, independently owned shops, public houses, and food outlets and will boost the provision of child care for working parents

Key changes

The key changes will cut the business rate bills for those businesses that qualify for it by up to 50% saving some as much as almost £2,800 a year and will include the following:

• An increase in the upper rateable value limit for most businesses eligible for a 25% reduction from £5,000 to £6,500, reducing their annual rates bill by between £583 and £757
• A 25% reduction for smaller retail premises, including shops, public houses, restaurants and petrol stations, with a rateable value between £6,501 and £9,000, reducing their annual bill by between £757 and £1,049
• A 50% reduction for credit unions with a rateable value of up to £9,000, reducing their bill by between £466 and £2,097
• A 50% reduction for child care businesses and day nurseries with a rateable value up to £12,000, reducing their bill by between £466 and £2,796

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