The Welsh Government have formally announced that they will be freezing the multiplier for 2023 in line with the recent announcements in England.
In our Autumn Statement update we set out the measures that the Chancellor announced for England. This latest announcement from the Welsh Government that the multiplier has been frozen means that ratepayers with properties in Wales can also now budget accurately for their liabilities in 2023.
The UBR multiplier will remain at 53.5p avoiding the inflation-based increase that had been expected.
Furthermore, the Welsh Government announced continued support for qualifying businesses in the retail leisure and hospitality sectors with relief for 2023/24 increased from 50% to 75%. This will be subject to the existing cap of £110,000 per business.
Transitional Relief
A new transitional relief scheme has also been announced for those business whose rate demand would otherwise increase by more than £300. Draft regulations have been laid and we will advise further as more information becomes available.
Under the proposed scheme a ratepayer will pay 33% of their additional liability in 2023-24 and 66% in 2024-25 reaching their full liability in 2025-26. This will be welcome news for those businesses facing an increase where there was previously no assistance in Wales.
As always, we are here to discuss any specific issues regarding your properties and will keep you informed of further developments regarding business rates across the UK.
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