Rate relief boost for local businesses
The Business Rates Retail, Leisure and Hospitality Rates Relief scheme for financial year 2023-24, which will be administered by Powys County Council, was adopted by Cabinet this week.
It will support Welshpool businesses in recovering from the impacts of the pandemic and the ongoing economic challenges including high inflation rates.
The Welsh Government scheme is offering eligible occupied businesses a discount of 75% 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 £110,000.
The council will receive funding of up to £4.9m in the way of a Welsh Government grant for the scheme. It is estimated that 900 businesses in Powys may be entitled to the 75% rates relief.
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 will be available for the period April 1, 2023 until March 31, 2024 and businesses who meet the eligibility criteria must apply.
Cllr David Thomas, Cabinet Member for Finance and Corporate Transformation, said: “It is a really difficult time for those businesses in the retail, leisure and hospitality sector that currently face challenging economic times at the same time as trying to recover from the effects of the pandemic.
“I’m delighted that Cabinet have adopted this new rate relief scheme which will help support Powys businesses in these sectors. I would urge those businesses to apply for this rate relief when it opens next month.”
For information, visit https://en.powys.gov.uk/
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