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Full business rate relief will continue for firms in the retail, leisure and hospitality sectors in Wales.
Businesses with rateable values of up to £500,000 will not have to pay any rates until April 2022, despite full rate relief coming to an end in England today (Thursday, July 1).
Across the Severn Bridge, businesses will now have a 66% discount on their rates for the remainder of the financial year, instead of the full 100%.
The Welsh Government’s Finance Minister, Rebecca Evans, said: “We’ve listened to the sectors and want to help shops and venues get back on their feet.
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“Even though these businesses can now open, the difficulties of the last year, coupled with the restrictions that remain in place, mean many would still struggle to pay even some of their usual rates.”
Economy Minister Vaughan Gething said: “Our 100% rates relief discount is a vital part of the economic support package we’ve made available to help businesses across Wales, giving them the breathing space they need to focus on recovery.
“Since the start of the pandemic, we’ve backed Welsh businesses with £2.5bn in support, which has helped protect in excess of 160,000 Welsh jobs which might otherwise have been lost.”
The decision to extend rate relief in Wales was actually made back in March this year.
At the time of that announcement, the Federation of Small Business (FSB) Wales, welcomed the move.
Ben Francis, FSB Wales Policy Chair, said businesses in Wales “will be delighted” with the rate relief extension.
He added: “Business rates represent a significant financial obligation for many businesses and having the rates holiday in place for longer will remove a huge amount of pressure, provide an element of financial certainty and will be a big step towards recovery for thousands of businesses.
“This is one part of the economic recovery, and we look forward to working with Welsh Government as we continue to support firms through the coronavirus pandemic and into rebuilding our economy and communities.”
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