The Welsh Government has announced that the business rates’ multiplier has been frozen for 2023-24, giving some relief to nervous Welsh businesses which have been waiting on today’s news.
Further updates have also been revealed with news of transitional relief scheme for the next two years for all ratepayers if their bills increase by more than £300. A ratepayer will pay 33% of their additional liability in the first year (2023-24), 66% in the second year (2024-25), before reaching full liability in the third year of 2025-26.
Ratepayers in the retail, leisure and hospitality sectors will receive 75% non-domestic rates relief for 2023‑24. There is an expectation of a cap similar to the English cap of £110,000 per business, that is currently covers Wales in the current business rate/financial year.
You can see the full details of the announcement here: Wales Draft TR Regulations