Welsh Finance Minister Rebecca Evans said business rates would not be subject to inflationary increase in 2021-22, announcing a freeze on the multiplier.
The UK government has made a similar announcement last month for England.
Evans today (15 December) said the move will help support around 54,000 ratepayers across Wales, who are not already receiving 100 per cent rates relief.
“We recognise the pressures that businesses are facing and we are continuing to explore the support measures we can put in place to help businesses cope with the economic impact of the coronavirus pandemic and the end of the EU transition period,” Evans said
“The announcement I have made today provides businesses with the reassurance that they will not see an increase in their business rates liabilities next year.”
The Association of Convenience Stores (ACS) has welcomed the measure.
“We welcome the Welsh Government’s decision to freeze business rates as this will provide convenience retailers with much-needed support in their recovery from the effects of the coronavirus crisis,” James Lowman, ACS chief executive, said.
“We are pleased that the Welsh Government has listened to our concerns about the burden of business rates and are taking action.”
The business rates are calculated by multiplying the rateable value of each property by the applicable multiplier figure, also called poundage.
Earlier this year the Welsh Government also announced a rates relief package worth £580 million to help businesses withstand the COVID-19 pandemic impact.
