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.

I have worked with Jeremy Symons over the past three years successfully leasing and buying property in support of my business. I continue to be very pleased with his knowledge of the market and expertise. Our relationship over this time has resulted in acquiring 20,000 sq ft at Capital Business Park in Cardiff, leasing 11,000 sq ft at Southpoint, and subsequently leasing an initial 42,000 sq ft at Parc Bedwas, followed by a succession of expansions of a further 11,000 and then 47,000 sq ft, enabling us to centralise all of our operations at Parc Bedwas in a single 100,000 sq ft facility. The acquisitions were completed at the perfect time for tenant purposes and the rent fixed throughout the term at very economical rates. A job well done.

Bob James, Aerfin