Petition Increase the threshold for Small Business Rate Relief to come in line with England and Scotland.
Currently, the threshold for Small Business Rate relief in Wales is £6000. This means that any rateable property over £6000 is eligible to pay Business rates. In England the threshold is £12,000 and Scotland is £15,000.
Businesses are currently eligible to receive a 50% discount on their business rates. With the current discount, the costs are really hitting business hard. However, in April the discount ends and a business with a rateable value of £6000 will have to pay 100% of their business rates. This will cripple business.
Example - A business with a rateable value of £8800 in Wales will next year have to pay approximately £2200 in business rates to their local council. Whilst in England and Scotland a business of this rateable value would not have to pay any business rates.
In the interest of fairness and support for all business, the threshold in Wales should be increased to at least £12,000, similar to our neighbour - England.
The high street and all businesses are already struggling. The increased charges from April 2023 will be the final nail in the coffin of small businesses, and will impact the economy as a whole.
At 250 signatures...
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At 10,000 signatures...
Petitions with more than 10,000 signatures will be considered for a debate in the Senedd