- December 21, 2017
- Posted by: Vikki Howells AM
- Category: Latest News
Local Assembly Member Vikki Howells has said that a new permanent Small Business Rate Relief scheme from the Welsh Labour Government will provide support and security for small businesses across Cynon Valley.
In a boost for smaller businesses, the Welsh Government has announced that the new scheme will limit the number of properties eligible for small business rate relief to two per business in each local authority. This will prevent larger businesses and national chains from benefiting from the scheme and channel the relief more effectively to support small and local businesses.
Childcare providers will benefit from extra support, with their upper threshold for rates relief increasing from £12,000 to £20,500, while the scheme also provides £5 million across Wales to extend the temporary high street rates relief scheme into 2018-19.
Welcoming the announcement of the scheme, Vikki Howells AM said:-
“Small businesses are at the heart of our local economy. The new permanent small business rate relief scheme from the Welsh Labour Government rightly recognises the vital role they play by targeting support on those who will benefit the most.
“It’s great news that childcare providers will benefit from a higher upper threshold rate and I also welcome the announcement that councils across Wales will receive an extra £1.3 million to provide targeted relief to local businesses which would benefit most from additional help.
“The new permanent scheme will provide more certainty and security for small businesses in Cynon Valley, supporting local jobs and economic growth.”
The new permanent small business rates relief scheme will come into effect from 1 April 2018 and follows extensive consultation with small businesses, local authorities and people across Wales. The Welsh Government has also said that it will continue to look at ways of developing the scheme to ensure that it best meets the needs of small businesses and local communities across Wales.