Wrexham MP and AM Welcome Business Rates Revaulation

A revaluation of business rates has been welcomed by Wrexham’s MP and Assembly Member who hope the changes will attract more businesses to the town centre.

Last Friday Wrexham.com reported that a draft list of business rates revaluations of commercial property had been released – with some winners and losers in Wrexham.

Contrary to what some think the business rates revaluation is carried out by the Valuation Office Agency (VOA) not Wrexham Council. The VOA reassesses all rateable values in Wales and England based on their open market rental value on a fixed date in April last year. This is the first such revaluation in Wales since 2010.

Last week’s revaluation saw a reduction in business rates for many traders in the town centre, including the main shopping area of Regent Street, Hope Street and the all but empty Henblas Square.

Locally Tesco have been the winners of the revaluation, with over £1 million reduced from their rates.

However the revaluation has hit a number of small and independent business in the town centre, who have seen their rates increase by several thousand pounds. Such areas affected include Chester Street, High Street and Pen Y Bryn.

Shortly after the publication of the revaluations the Welsh Government announced a new scheme to help those affected by an increase in their business rates.

The £10m scheme, which has been welcomed by local AM Lesley Griffiths, will come into effect from April 2017, and is in addition to the ongoing £100m small business rate relief last month.

Friday’s revaluation has been welcomed by Wrexham’s MP and Assembly Member who have described the changes as ‘boost to the town centre’

Wrexham MP Ian Lucas said: “The reduction in business rates for most town centre businesses is very welcome. I am only sorry it was delayed two years by the Tory UK Government in 2015. This meant that values remained at high 2008 levels.

“I know that business rate levels have been a bar to new shops opening and made things difficult for small business generally and hope that these revaluations together with the rates reliefs that apply will encourage more people to open new businesses in Wrexham.”

Lesley Griffiths AM added: “The revaluation of business properties in England and Wales is calculated independently by the Valuation Office Agency so although the Welsh Government has no direct control over the process, it has been able to introduce vital packages of support for small businesses.”

“Looking at some of the early figures from the Valuation Office Agency, the majority of Wrexham businesses appear to have received a cut in their rates which is a positive step forward and a boost for our town centre.”

“After a period of stagnation brought about by the Conservative UK Government’s unwillingness to revalue properties across England and Wales, the Welsh Government has acted decisively.”

“Two support schemes have been announced within a matter of weeks, benefiting three quarters of ratepayers in Wales and meaning the Welsh Government is providing more than £200m of relief in total.”