A new Rate Relief Scheme has been announced by the Welsh Government’s Cabinet Secretary for Finance and Local Government and includes potential rate reduction for businesses who are paying more following the 2017 Revaluation.
There are two tiers of relief for eligible occupied retail properties with Rateable Values of £50,000 or less in the current 2017-18 financial year. This relief has been automatically applied by Conwy Council to Ratepayers who qualify under the Guidelines and who fall into Conwy’s Settlement Boundaries.
Ratepayers who have qualified for this relief are obliged to contact the Business Rates section at Conwy to advise if the relief they have received (over a rolling 3 year period) exceeds the State Aid Limit of 200,000 euros.
The first tier will apply to eligible high-street retailers occupying premises with a rateable value of between £6,001 and £12,000. These ratepayers will receive a reduction in their rates bill of up to £500.
The second tier will apply to eligible high-street retailers occupying premises with a rateable value of between £12,001 and £50,000 which have experienced a rates increase. These ratepayers will receive a reduction in their rates bill of up to £1,500.
Cllr Sam Rowlands, Conwy Council’s Cabinet Member for Finance and Resources, said: “We are pleased that the Welsh Government have committed to ease the pressure on our local businesses with these new business rates. We can now support many of the businesses who told us of their concerns about the impact the new rates were having on their businesses.”
If you would like more information regarding this scheme please visit High Street Rate Relief