Welsh gov extends business rates holiday for another 12 months

The Welsh government has announced that it will extend its business rates holiday for another 12 months.

The £380m package will provide retail, leisure and hospitality businesses with “rateable values” up to £500k, as well as charities in Wales with a “straightforward” year-long business rates holiday.

This relief package, in combination with the Welsh existing Small Business Rates Relief scheme will reportedly ensure that more than 70,000 businesses will continue to pay “no rates at all” in 2021/22.

The Welsh minister also stated that he was committed to providing businesses and charities in the leisure and hospitality sector with a rateable value of over £500k with 100% rates relief for 2021/22.

Rebecca Evans, finance minister has also confirmed that the Land transaction tax temporary reduction period will be extended by a further three months so that it will end on 30 June 2021.

Evans said: “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.”