Hundreds of businesses receive rate relief support
18 April 2024
The Business Rates Retail, Leisure and Hospitality Rates Relief scheme for financial year 2024-25, which is administered by Powys County Council, has seen 550 businesses in the county receive the 40% relief which has reduced their business rate bills by £1.8m.
Now the council is urging remaining eligible businesses to apply for the rate relief for this financial year.
The Welsh Government scheme, which supports Powys businesses in recovering from the impacts of the pandemic and the ongoing economic challenges including high inflation rates, offers eligible occupied businesses a discount of 40% on the business rates bill for a property.
The scheme will apply to all eligible ratepayers with a relief cap for all business properties up to a maximum of £110,000.
The council has received £3.2m grant funding from the Welsh Government for the scheme.
The business must be in the retail, leisure, hospitality or tourism sectors, for example shops, pubs and restaurants, gyms, performance venues and hotels.
The rate relief scheme is available until 31 March 2025. Businesses who meet the eligibility criteria must apply for this rate relief.
Jane Thomas, the council's Director of Corporate Services, said: "We estimate that 950 businesses in Powys may be entitled to this 40% rate relief so I'm delighted that over half of businesses have seen their business rate bill reduced after applying for the rate relief.
"It continues to be a difficult time for those businesses in the retail, leisure and hospitality sector with the continuing challenging economic times they face while trying to recover from the effects of the pandemic.
"This scheme supports businesses in these sectors so I would urge those who haven't applied to do so as soon as possible."
Further information on the scheme, including the application form and how to apply, can be found online at Business Rates: Retail, Leisure and Hospitality Rates Relief 2024 / 2025