£460m in Rates Support for Welsh SMEs
All businesses in Wales will benefit from new rates support from the Welsh Government to help with the effects of rising costs. A package of support worth more than £460 million over the next two financial years will be announced in the Welsh Government’s upcoming draft Budget.
The package will provide a boost to businesses across Wales which are struggling to cope with the impacts of high inflation and surging energy costs. It operates in addition to permanent relief schemes from the Welsh Government which are already providing £240 million of relief to ratepayers across Wales this year.
- The non-domestic rates multiplier has been frozen for 2023-24, at a cost of more than £200 million over the next 2 years. This ensures no inflationary increase in the amount of rates businesses and other ratepayers are paying.
- A further £113 million will be provided over the next two years to provide transitional relief for all ratepayers whose bills increase by more than £300 following the UK-wide revaluation exercise, which takes effect on 1 April 2023.
- Another £140 million will support businesses in the retail, leisure and hospitality sectors. Eligible ratepayers will receive 75% non-domestic rates relief for 2023 24, a rise from the 50% relief provided in 2022-23.
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