Economy Minister Edwina Hart has confirmed that Wales will extend the Welsh Government's Small Business Rates Relief Scheme for another year. The scheme benefits over 75% of businesses in Wales, many of which will pay no business rates in the next financial year. Businesses with a rateable value up to £6,000 receive 100% relief and the next tier up to £12,000 receive stepped relief from zero up to 100%. Small businesses in England were granted the same rate relief when the Chancellor read out his Autumn Statement in November.
Andrew West, Director of Rating comments: "This is good news for small businesses in Wales. However, the relief is being renewed on an annual basis which causes some uncertainty - businesses would prefer the certainty of a permanent relief to enable them to plan more than a year ahead. A permanent exemption from business rates for properties less than £15,000 RV is being promoted by many organisations representing small business, including RICS Wales, in the run up to the Welsh Government elections in May 2016."