Business rates relief extended for small firms in Wales

Tuesday, March 30, 2010

The local government minister for Wales has revealed the business rates relief scheme will be extended

By Ashley Brunskill

Firms in Wales have received some good news about their business rates relief scheme.

Carl Sargeant, the local government minister, announced the small business rate relief scheme will be extended, following on from Chancellor of the Exchequer Alistair Darling's proposals in last week's Budget.

The minister said most small companies will experience savings of up to £1,200, providing a boost to the country. The assembly pays 100 per cent of all mandatory rate reliefs and up to 90 per cent of discretionary ones.

"Around half of small businesses in Wales will pay no business rates for the year from October 1st 2010 and roughly 20 per cent more will see their business rates significantly reduced," Mr Sargeant added.

In Wales, business rates are calculated by the government by taking the rateable value of a property - given by the Valuation Office Agency - and then multiplying it by the multiplier.

For the financial year 2010-11, the multiplier is 0.409.

Source: ask-re The Property People LLP