On Friday we were given more detail on the application of the £10 million High Street Retail Relief Scheme which was first announced before Christmas.
The relief scheme means eligible retailers with a rateable value of £15,000 or less will receive up to £1,500 of reduction in their business rates under a two tier system:
• High street retailers with a rateable value of between £6,001 and £12,000 receiving either small business rate relief or small business transitional rate relief from 1st April will have their rate bills reduced by £500 or to £0 if the bill is less than £500.
• Eligible high street retailers with a rateable value of between £12,001 and £50,000 facing a rates increase in April will have their rate bill reduced by £1,500
The Welsh Government calculates this will benefit nearly 15,000 shops, restaurants, pubs and cafes.
The relief will be granted having regard to the changes in liability resulting from the implementation of the 2017 rating revaluation from 1st April.
The additional relief is to be welcomed and it is hoped that the Welsh Government will give details on the criteria for eligibility in the very near future in order for Councils to have any chance of applying the additional relief in rate bills for 2017/18, which will be despatched next month.
Our hope is that the application of the relief will be simple and not subject to an application process.
Andrew West
Director - Business Rates
For further information or advice regarding your business rates please contact our Business Rates department on 02920 346 323 or rating@coark.com