Wales extends rates relief holiday for a further 12 months

4 March 2021

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Welsh Finance Minister Rebecca Evans has confirmed that the business rates holiday for the retail, leisure and hospitality sectors in Wales will be extended for a further 12 months.

The £380m packages provides non-essential retail businesses with retail values up to £500k, as well as charities in Wales, with 100% business rates relief for a further 12 months. The Minister also committed to providing businesses and charities in the leisure and hospitality sector with a rateable value of more than £500k with 100% rates relief for 2021-22.

In yesterday’s budget, the UK Chancellor extended the 100% business rates relief for the sector in England until the end of June 2021.

He also pledged an extra £740m in funding for the Welsh Government.

Business Rates Director, Andrew West commented, “It is very pleasing that the Welsh Government has moved swiftly to confirm the year-long extension of 100% business rates relief for most of non-essential retail. This will provide certainty and remove a considerable burden from the struggling sector.

“Both Wales and Scotland have now gone further than England with this relief scheme.”

Cooke & Arkwright have been providing rating valuation advice to The Welsh Rugby Union Limited (“WRU”) and Millennium Stadium plc for many years. They were recently successful in achieving substantial reductions in the assessments of the Millennium Stadium, covering both the 2005 and 2010 rating list. These negotiated reductions yielded savings of c.£3.5m which, crucially, allows the WRU to re-invest in rugby throughout Wales. They advise the WRU across the group portfolio including the National Centre of Excellence in the Vale of Glamorgan. The valuation issues across the WRU portfolio are complex requiring a high level of understanding of the funding and finances of professional sport in Wales. Cooke & Arkwright’s experience and understanding of these issues and application to the rating valuation have yielded these substantial negotiated reductions. The WRU and the Millennium Stadium entrust our work to organisations with the required levels in experience and expertise in dealing with these complex issues. I am glad to say we have this expertise in Wales. I would have no hesitation in recommending ratepayers making use of this Welsh based expertise.

Steve Phillips, Group Finance Director, Welsh Rugby Union Group