// 100% business rates holiday in Wales extended for another 12 months
// Follows similar a extension announced in Scotland last month
// In yesterday’s Budget the Chancellor extended England’s business rates holiday to June, with a discount for the rest of the year
The Welsh Government has announced an extension of its business rates holiday for another year.
This means retail, hospitality and leisure high street premises in Wales with a rateable value of up to £500,000 will not have to pay business rates until March 31, 2022.
The £380 million relief package, in combination with the existing Small Business Rates Relief scheme, will benefit up to 70,000 businesses.
READ MORE:
- Budget: Business rates holiday extended, £6000 restart grants for retailers
- Scotland announces 12-month business rates holiday extension
- Treasury confirms business rates review will be delayed until autumn
“The Welsh government has worked tirelessly to ensure businesses in Wales have access to the most generous business support package anywhere in the UK,” Welsh finance minister Rebecca Evans said.
“Our targeted, responsible approach has allowed us to dedicate more funding for business support than we have received from the UK government.
“I am pleased to confirm that our 100% rates relief package for those hardest hit sectors will continue for a further 12 months, protecting jobs and businesses across Wales.”
The news comes shortly after Chancellor Rishi Sunak used his Budget speech to announce a three-month extension to the business rates holiday in England.
For the remainder of the tax year after June, retailers and other high street premises across England will then pay business rates that are discounted by two-thirds of the normal charge.
Meanwhile last month, Scotland announced a 100 per cent business rates holiday until the end of the 2021/22 tax year.
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