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The business rates holiday for the retail, leisure and hospitality sectors in Wales will be extended for a further 12 months, the Finance Minister Rebecca Evans has announced.
The £380m package provides retail, leisure and hospitality businesses with rateable values up to £500,000, and charities in Wales with a straightforward year-long rates holiday – going beyond what has been announced in England.
The Welsh Government said the holiday, in addition to other reliefs, means more than 70,000 businesses will continue to pay no rates at all in 2021/22.
The Minister has also committed to providing businesses and charities in the leisure and hospitality sectors with a rateable value of over £500,000 with 100% rates relief for 2021/22 too.
The announcement follows the UK Government budget announced earlier today.
Finance Minister Rebecca Evans said: “The Welsh Government has worked tirelessly to ensure businesses in Wales have access to the most generous business support package anywhere in the UK.”
Ms Evans has also confirmed today that the Land Transaction Tax temporary reduction period will be extended by a further three months so that it will end on June 30, 2021.