It's really positive news that the Welsh Labour Government will extend its £98 million scheme that supports small businesses in Wales.
Across Newport the Small Business Rates Relief scheme will be paid £3.9 million in 2016-2017. This announcement meets Welsh Labour’s manifesto pledge to deliver a tax cut for small businesses across Wales, with a new permanent scheme coming into force from 2018.
In the last financial year, small businesses in Newport received £3.7 million, so this announcement of the scheme’s extension is great news. Small businesses are the life blood of our local economy and we are determined to give them the support they need.
Business who want to find out more about the scheme can visit the business Wales website https://businesswales.gov.wales/.
Under the scheme, business premises with a rateable value of up to £6,000 will receive 100% relief and those with a rateable value between £6,001 and £12,000 will receive relief on a tapered basis from 100% to zero. Full details will be available on the Business Wales website.