Welsh Government extends business rates holiday & Land Transaction Tax Reduction

Welsh Government has announced that the rates holiday for the retail, leisure and hospitality sectors in Wales will be extended for a further 12 months.

The £380m package announced by Finance Minister Rebecca Evans provides retail, leisure and hospitality businesses with rateable values of up to £500,000, and charities, with a straightforward year-long business rates holiday.

The relief package, in combination with the Small Business Rates Relief scheme will mean that more than 70,000 businesses across Wales will continue to pay no rates at all in 2021-22.

The Minister has also committed to providing 100% rates relief for charities and businesses in the leisure and hospitality sector with a rateable value of over £500,000.

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.

“Our targeted, responsible approach has allowed us to dedicate more funding for business support than we have received from the UK Government. I am pleased to confirm that our 100% rates relief package for those hardest-hit sectors will continue for a further 12 months, protecting jobs and businesses across Wales.”

The Deputy Leader, Cllr Hywel Williams said: “This announcement is very welcome news and will bring some relief to businesses that have faced huge challenges throughout the Covid-19 pandemic.

“The extension of the rates holiday will provide a much-needed boost for small and medium-sized businesses struggling to cope with the impacts of the virus.

“Bridgend County Borough Council will be looking to automatically award the business rates relief to all eligible

businesses as soon as possible, and they will receive a new bill when the award has been made.”

For more information, visit the council’s business rates webpage.

Welsh Government has also confirmed that the Land Transaction Tax reduction period will be extended by a further three months to 30 June 2021.

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