The £380m package will entitle retail, leisure and hospitality businesses with a rateable values up to £500k to a 'straightforward year-long rates holiday'.
The extension goes far beyond the three month extension to the business rates holiday announced for England by Chancellor Rishi Sunak yesterday (3 March).
Under Sunak's plan, the business rates holiday will be extended through to the end of June, and then be discounted for the remaining nine months of the financial year by two thirds, up to a value of £2m for closed businesses, with a lower cap for those who have been able to stay open.
In combination with our existing Small Business Rates Relief scheme, the Welsh Government says the extended relief will ensure that more than 70,000 businesses will continue to pay no rates at all in 2021-22 financial year.
The Finance Minister also committed to providing businesses and charities in the leisure and hospitality sectors with a rateable value of over £500k with 100% rates relief for the same time period too.
“The Welsh Government has worked tirelessly to ensure businesses in Wales have access to the most generous business support package anywhere in the UK," said Evans.
“Our targeted, responsible approach has allowed us to dedicate more funding for business support than we have received from the UK Government. I am pleased to confirm that our 100% rates relief package for those hardest hit sectors will continue for a further 12 months, protecting jobs and businesses across Wales.”
It comes a day after the Welsh Government announced a further £30m in grant support for hospitality, leisure and tourism businesses affected by ongoing Coronavirus restrictions.