The Welsh Government announced yesterday (Tuesday) it will cap the increase for the business rates multiplier to 1% for 2025/26, despite calls for it to be frozen.
Subject to ratification by the Welsh Senedd, the multiplier for 2025/26 will be 56.8p, a rise from 2024/25 which currently stands at 56.2p.
Retail, Leisure and Hospitality Relief for 2025/26 will remain the same at 40%, subject to a cap of £110,000 per business which mirrors England and Scotland limits.
All told, the Welsh Government says it is providing £335m of support to ratepayers in 2025/26.
Cabinet Secretary for Finance and Welsh Language, Mark Drakeford said in his statement: “We will continue to provide targeted support through our local taxes, council tax and non- domestic rates. Low-income households are supported with their council tax bills through the Council Tax Reduction Scheme. We will also continue to provide support to businesses and other ratepayers to pay their non-domestic rates bills.”
You can read the full Welsh budget here: https://www.gov.wales/sites/default/files/publications/2024-12/2025-2026-draft-budget-narrative.pdf
Northern Ireland is the last UK nation to declare its business rate intentions and this is expected mid-February 2025.