More rate relief for Small Business

CARL SARGEANT AM WELCOMES MORE RATE RELIEF FOR SMALL BUSINESSES

Carl Sargeant, AM for Alyn and Deeside, has welcomed today’s announcement by the Assembly Government of a £7 million package of rate relief that will support around 10,600 smaller businesses across Wales. Mr Sargeant said: “With this package of additional support, the Assembly Government is delivering on its commitment to increase the number of businesses that benefit from the small business rate relief scheme that was introduced in April 2007.”Around 37,000 businesses across Wales already benefit from the small business rate relief scheme and around 10,600 more could benefit from a significant reduction in their rates under the package announced today.The key changes, to be backdated to 1 April 2008, are:• increase the upper rateable value limit for most businesses eligible for a 25% reduction from £5,000 to £6,500, reducing their annual rates bill by between £583 and £757. • 25% reduction for smaller retail premises, including shops, public houses, restaurants and petrol stations, with a rateable value between £6,501 and £9,000, reducing their annual bill by between £757 and £1,049. • 50% reduction for credit unions with a rateable value of up to £9,000, reducing their bill by between £466 and £2,097. • 50% reduction for child care businesses and day nurseries with a rateable value up to £12,000, reducing their bill by between £466 and £2,796. Mr Sargeant said: “We are committed to providing real and tangible help for smaller businesses during what are challenging economic times. This new package will help businesses such as small independently owned shops, public houses, and food outlets. It will also boost the provision of child care for working parents.”