Welsh Government freezes non-domestic rates multiplier for 2021-22

15 December 2020

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The Welsh Government has today announced it is freezing the non-domestic rates multiplier for 2021-22. The multiplier is an integral part of determining ratepayers’ bills. This decision will ensure, prior to applying any reliefs, that there is no increase in the amount of rates businesses pay next year.

This support is in addition to the £580 million package of rates relief provided to businesses this year. 

Whilst this is good news we urge the Welsh Government to make an early announcement before Christmas on the continuation and extension of business rate relief and grants for the new rate year 2021/22.

This will provide beleaguered businesses with much needed continuation of support as we head into the inevitable challenges ahead for the remainder of the winter into spring.

You can read the Welsh Government's written statement here.

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