Bira pleased to see reduction in business rates in Wales

In today’s Draft Budget announcement, the Minister for Finance and Local Government set out a number of measures to support businesses with their non-domestic rates liabilities in 2022-23. The Welsh Government will be providing an additional £116m package of non-domestic rates relief for businesses in the sectors most directly affected by the Covid-19 pandemic. Retail, leisure and hospitality ratepayers in Wales will receive 50% non-domestic rates relief for the duration of 2022-23. Like the scheme announced by the UK Government, the Welsh Government’s Retail, Leisure and Hospitality Rates Relief scheme will be capped at £110,000 per business across Wales.

To ensure businesses in Wales are sufficiently supported and reflect the nature of our tax base, we have invested an additional £20 million on top of the consequential funding received from the UK Government. 

The Welsh Government is also freezing the non-domestic rates multiplier in Wales for 2022-23.  The multiplier is an integral part of determining ratepayers’ bills.  This decision will ensure, prior to applying for any reliefs, that there will be no increase in the number of rates which businesses and other ratepayers pay next year.

Andrew Goodacre says: “We are pleased to see this reduction in rates and it matches the recent announcement for rates in England. Using a limit of £110K allows many more independent retailers to benefit from a rates reduction next year.  However, this does not start until April next year, and between now and then we believe that retailers will need much more support as we see retail sales impacted by the measures to fight Omicron. Without support, we fear that there will be far fewer businesses able to benefit from this rates reduction”