The package includes:
• Freezing of the non-domestic rates multiplier for 2023-24 at 0.535
• A scheme of transition to support ratepayers facing increased rate liability in 2023-24 as a result of the 2023 Revaluation. The next rating revaluation comes into effect on 1st April 2023. The transitional relief scheme proposed by Welsh Government provides that all ratepayers facing increased liability of more than £300, as a result of the revaluation, will have this phased in over 2 years. A ratepayer will pay 33% of the increase in the first year (2023-24) and 66% in the second year (2024-25), before reaching their full liability in 2025/26.
• In addition, Welsh Government will also provide non-domestic rates relief to eligible business in the retail, hospitality, and leisure sector in Wales. Eligible businesses will receive 75% non-domestic rates relief for 2023/24. In line with the scheme already confirmed in England this relief will be capped at £110,000 per business across Wales.
Jane Shankland, Director of Business Rates at Cooke & Arkwright commented that these announcements are as we had predicted and are broadly in line with those announced for England by the Chancellor in his Autumn Statement on 17th November.
The Autumn Statement coincided with the publication of the draft rating list in England & Wales. Whilst Welsh ratepayers had access to their new assessment that will become effective from 1st April 2023, they were unable to accurately budget for their business rates liability until the position on multiplier, transition and relief were confirmed.