Welsh Business Rates - latest news for 2024/25 financial year

The Welsh Government has announced its draft budget including updates relating to Business Rates (NDR) that will take effect between April 1, 2024, to 31st March 2025. The most noteworthy elements are:

• The increase to the NDR multiplier in Wales is capped at 5% for 2024-25 - lower than the 6.7% (September CPI) increase which would normally be applied. This is subject to approval by the Senedd.
• The provisional multiplier for 2024-25 is 0.562.
• There will be transitional relief for all ratepayers whose liability increased by more than £300 as a consequence of revaluation which came into force in April 1, 2023. Any increases will be phased in over two years. Affected ratepayers will pay 33% of their additional NDR liability this year (2023-24), increasing to 66% in 2024-25. Full liability will be reached in the third year (2025-26).
• The Government also announced an additional £78m to provide support for retail, leisure and hospitality businesses. Eligible ratepayers will receive 40% NDR relief for the duration of 2024-25. As in previous years, the relief will be capped at £110,000 per business across Wales.
• A fund for impacted sectors will be established to support the wider NDR policies, aimed at helping SMEs in retail, leisure and hospitality. The funding will be focused on measures to help businesses future-proof in the 2024-25 financial year.

Full details can be found here on Page 20.