New Business Rates Schemes Approved For Wrexham

Two schemes that aim to rejuvenate empty properties and encourage economic activity in towns have been given the go ahead by Councillors.

The Council Executive Board voted unanimously in favour of the two business rate schemes that aim to benefit smaller and empty properties.

The two Business Rate schemes were announced in a recent statement to Welsh Assembly Members, and are a response to recommendations from the Business Rates Task and Finish Group that examined how business rates in Wales could be used to encourage economic development.

Lead Member for Policy, Finance, Performance and Governance, Cllr Malcolm King said: “The schemes are at no cost to the Council. We do need to approve the schemes to benefit from them. It would seem foolish in the extreme not to approve them.”

Scheme one is titled ‘Open For Business’ and is expected to cost £2.5m. The scheme focuses on bringing empty properties back to life and will provide a 12 month 50% ‘rate relief for all eligible buildings once the property is occupied again, provided the occupation date in on or after 1 October 2013 and on or before 31 March 2015.

To be eligible for the grant, the retail properties will have be unoccupied for a continuous period of 12 months or more and have a rateable value of no more than £45,000.

The ‘New Developments Scheme’ is estimated to be worth over £2.8m and will exempt all newly built commercial property from business rates for the first 18 months.

Both schemes are funded by the Welsh Government and it is hoped that this scheme will make it easier for small businesses to start up, along with making a business more viable.

Wrexham AM Lesley Griffiths commented: “The Welsh Government first proposed the two business rates schemes last October. I welcomed the announcement then and am delighted Wrexham Council have endorsed the initiatives.

“Boarded up shop fronts have unfortunately become a familiar sight across Wales in recent times but the two schemes will help landlords fill their empty properties and provide an incentive for new companies starting up by reducing their initial business rates bill.

“The new developments and investment in vacant town centre premises can help kick start the economy and create a dynamic, competitive environment for Welsh businesses to prosper.”

There is a forum thread on the now approved Business Rates schemes. You can take part in the discussion here…