Funding news - 03/03/2017
Notice of £10 Million High Street Rates Relief Scheme for Wales
The High Street Rates Relief Scheme has been established to provide extra support for high street businesses across Wales from April 2017.
The scheme is expected to support approximately 15,000 shops, restaurants, pubs and cafes, including those which have seen their rates increase as a result of the independent Valuation Office Agency’s (VOA) revaluation, which comes into effect on 1 April 2017.
The scheme will also provide support to other retailers – some of whom have seen their rates decrease as a result of revaluation – who are struggling in the face of the prevailing economic conditions and competition from online and out-of-town providers.
The targeted scheme will be provided through a special grant made to each local authority. The programme has an overall budget of £10 million. Eligible retailers will receive up a discount on their non-domestic rates bill if they have a rateable value of £50,000 or less in the 2017-18 financial year.
To maximise the amount of support which can be provided and ensure it is targeted at areas and businesses most in need, there will be two tiers of relief available.
The first tier of relief will apply to high street retailers with a rateable value of between £6,001 and £12,000 who are already receiving either small business rates relief (SBRR) or transitional rates relief. They will receive a reduction in their rates bill of £500 or, if their bill is less than £500, it will be reduced to nil.
The second tier of relief will apply to eligible high street retailers with a rateable value of between £12,001 and £50,000 which are experiencing a rates increase from 1 April 2017. These ratepayers will receive a reduction in their rates bill of £1,500.
Further details will be provided upon the programme's launch in April 2017.
Source: Welsh Government, 28/02/2017