The Non-Domestic Rating Contributions (Wales) (Amendment) Regulations 2024 / Rheoliadau Cyfraniadau Ardrethu Annomestig (Cymru) (Diwygio) 2024
Introduction
The Non-Domestic Rating Contributions (Wales) (Amendment) Regulations 2024 / Rheoliadau Cyfraniadau Ardrethu Annomestig (Cymru) (Diwygio) 2024 (the “Regulations”) were made by the Welsh Government on 24th October 2024 and came into force on 13th November 2024.
Purpose of the Regulations
The Regulations amend the Non-Domestic Rating Contributions (Wales) Regulations 2009 / Rheoliadau Cyfraniadau Ardrethu Annomestig (Cymru) 2009 (the “2009 Regulations”) to make provision for the payment of non-domestic rating contributions in Wales for the financial year beginning on 1st April 2025.
Key Changes
The key changes made by the Regulations are as follows:
- The uniform business rate multiplier for the financial year beginning on 1st April 2025 is set at 50.2p in the pound.
- The small business rate relief scheme for the financial year beginning on 1st April 2025 will continue to provide 100% relief for properties with a rateable value of £12,000 or less and tapered relief for properties with a rateable value of between £12,001 and £15,000.
- The transitional relief scheme for the financial year beginning on 1st April 2025 will continue to provide relief for businesses that have seen a significant increase in their rateable value.
- The hardship relief scheme for the financial year beginning on 1st April 2025 will continue to provide relief for businesses that are experiencing financial hardship.
Impact of the Regulations
The Regulations will have a significant impact on businesses in Wales. The increase in the uniform business rate multiplier will lead to an increase in non-domestic rating bills for many businesses. However, the continuation of the small business rate relief scheme, the transitional relief scheme and the hardship relief scheme will help to mitigate the impact of the increase for some businesses.
Conclusion
The Regulations are an important piece of legislation that will have a significant impact on businesses in Wales. It is important for businesses to be aware of the changes made by the Regulations and to plan accordingly.
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