Business rates in Wales – a timely reminder

16 February 2022
  • An update on non-domestic rates in Wales by Director Andrew West Cooke & Arkwright

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This is an update on the latest changes to business rates provided by the Welsh Government on the Non-Domestic Rates (NDR) system in Wales.

  • Retail, leisure and hospitality businesses in Wales will receive 50% NDR relief for the duration of 2022-23. Like the scheme announced by the UK Government, the Welsh Government’s Retail, Leisure and Hospitality Rates Relief scheme will be capped at £110,000 per business across Wales.
  • The NDR multiplier will remain frozen in Wales for 2022-23, at 0.535.
  • Effective from 1st April 2022 the Welsh Government is going to address the perceived misuse of empty property relief. The required occupation period following vacation will increase from six weeks to 26 weeks in order to qualify for a subsequent three, or six months relief from empty property rates.

Later this year, the Welsh Government intends to consult on the implementation of further measures announced in 2018, which, from 1 April 2023, will provide the following:

  • A new legal obligation on ratepayers, to notify their local authority of a change in circumstances which would affect their rates bills.
  • A new legal power for local authorities to request information from ratepayers and third parties, to aid authorities in discharging the billing and collection function.

Cooke & Arkwright have provided independent property consultancy services to the College for a number of years. This advice has included property valuations and negotiation around property acquisition and disposal, rent reviews and the preparation and negotiation of the College’s farm business tenancy agreement. The College has consistently received an excellent and professional service from Cooke & Arkwright and their valuable support to the College is recognised and appreciated.

Bob Bates, Director, Coleg Gwent