Business rates support for high streets extended – as some Eagles Meadow stores see -35% rates reduction
Finance Secretary Mark Drakeford today announced an extra £5m to extend the high street rates relief scheme in 2018-19 – helping shops and pubs to pay their business rates.
The scheme, which is unique to Wales, will provide additional support to around 13,000 small and medium-sized high street businesses across the country, including shops, restaurants, cafes, pubs and wine bars.
The Welsh Government-funded scheme, which was originally set up for 2017-18 only, will provide eligible businesses with a reduction of up to £750 from their non-domestic rates bills.
Professor Drakeford said: “This additional support, which extends the high street rates relief scheme into 2018-19, together with our decision to put the £100m small business rates relief scheme on a permanent footing from April ensures ratepayers across Wales are receiving support to pay their bills.
“Targeting support to high street retailers will help those businesses, which are affected by the current economic conditions and competition from online and out-of-town providers.”
In September 2016 the Valuation Office Agency released its draft list of revaluations of commercial properties.
The Revaluation is carried out by the Valuation Office Agency (VOA) and reassesses all rateable values in Wales and England based on their open market rental value on a fixed date. This was the first such revaluation in Wales since 2010.
There were winners and losers locally in the draft revaluations – with many town centre business seeing a drop in the business rates. However several local and independent businesses saw their draft rates increase.
Coming into 2018 we have seen recent revaluations / apparently successful appeals locally, with many units in Eagles Meadow seeing around 35%-40% reduction in their rateable value. Some units occupiers will see a rebate in addition to their rates reduced going forward.
The below list of properties have an alteration date of 19th January 2018, backdated April 1st 2017.
| Address | New Rateable Value | Old Rateable Value | Percentage decrease |
|---|---|---|---|
| 28, EAGLES MEADOW, WREXHAM | £92,000 | £142,000 | 35% |
| 29, EAGLES MEADOW, WREXHAM | £77,500 | £119,000 | 35% |
| 30, EAGLES MEADOW, WREXHAM | £53,000 | £81,500 | 35% |
| 32, EAGLES MEADOW, WREXHAM | £75,500 | £115,000 | 34% |
| 14, EAGLES MEADOW, WREXHAM | £19,500 | £33,000 | 41% |
| 31, EAGLES MEADOW, WREXHAM | £59,000 | £90,500 | 35% |
| 17, EAGLES MEADOW, WREXHAM | £38,000 | £63,500 | 40% |
| 24, EAGLES MEADOW, WREXHAM | £44,500 | £68,500 | 35% |
| 11, EAGLES MEADOW, WREXHAM | £47,250 | £72,500 | 35% |
| 23, EAGLES MEADOW, WREXHAM | £31,000 | £52,000 | 40% |
| 35, EAGLES MEADOW, WREXHAM | £29,750 | £49,750 | 40% |
| 15, EAGLES MEADOW, WREXHAM | £23,750 | £40,000 | 41% |
| 10, EAGLES MEADOW, WREXHAM | £43,750 | £66,500 | 34% |
| 34, EAGLES MEADOW, WREXHAM | £26,750 | £45,000 | 41% |
| 18, EAGLES MEADOW, WREXHAM | £49,500 | £76,000 | 35% |
| 5 & 6, EAGLES MEADOW, WREXHAM | £115,000 | £174,000 | 34% |
| 8, EAGLES MEADOW, WREXHAM | £105,000 | £159,000 | 34% |
| 12, EAGLES MEADOW, WREXHAM | £31,000 | £52,000 | 40% |
| 22, EAGLES MEADOW, WREXHAM | £31,750 | £53,000 | 40% |
| 7, EAGLES MEADOW, WREXHAM | £47,000 | £72,000 | 35% |
| 4, EAGLES MEADOW, WREXHAM | £49,000 | £75,500 | 35% |
| 3, EAGLES MEADOW, WREXHAM | £34,750 | £58,000 | 40% |
| 36, EAGLES MEADOW, WREXHAM | £39,250 | £65,500 | 40% |
| 21, EAGLES MEADOW, WREXHAM | £36,250 | £60,500 | 40% |
| 16, EAGLES MEADOW, WREXHAM | £47,000 | £72,500 | 35% |
| 20, EAGLES MEADOW, WREXHAM | £78,500 | £120,000 | 35% |
| 9, EAGLES MEADOW, WREXHAM | £46,750 | £85,000 | 45% |
| 19, EAGLES MEADOW, WREXHAM | £49,000 | £75,000 | 35% |
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