18th September 2008
A new £7million rate relief package could reduce the tax burden for a further 10,600 small businesses in Wales.
Around 37,000 small firms in Wales already benefit from the Small Business Rates Relief Scheme, introduced in April 2007.
Now as part of changes to the scheme, the Assembly has extended the upper rateable value limit for businesses eligible for 25% rate relief from £5,000 to £6,500.
The new package also includes a 25% reduction for those small shops, pubs, restaurants and petrol stations with a rateable value between £6,501 and £9,000, and a 50% reduction for eligible child care businesses and day nurseries with a rateable value of up to £12,000.
The relief is to be backdated to 1 April 2008.
Phil McCabe of the Forum of Private Business, which has 650 Welsh members, said the changes were good news for business.
"Some of the problems with the English system have stemmed from the administration of the scheme, with firms unsure if they can apply and, on many occasions, running out of time," he told More Than Business News.
"The Welsh scheme would seem to bypass these problems because the relief is applied automatically to current rate bills - reducing the level of administration involved."
Added rate relief for small firms in Wales
Around 37,000 small firms in Wales already benefit from the Small Business Rates Relief Scheme, introduced in April 2007.
Now as part of changes to the scheme, the Assembly has extended the upper rateable value limit for businesses eligible for 25% rate relief from £5,000 to £6,500.
The new package also includes a 25% reduction for those small shops, pubs, restaurants and petrol stations with a rateable value between £6,501 and £9,000, and a 50% reduction for eligible child care businesses and day nurseries with a rateable value of up to £12,000.
The relief is to be backdated to 1 April 2008.
Phil McCabe of the Forum of Private Business, which has 650 Welsh members, said the changes were good news for business.
"Some of the problems with the English system have stemmed from the administration of the scheme, with firms unsure if they can apply and, on many occasions, running out of time," he told More Than Business News.
"The Welsh scheme would seem to bypass these problems because the relief is applied automatically to current rate bills - reducing the level of administration involved."
Tags: Tax
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