Local Business Rate Relief Scheme to Continue in Rhondda Cynon Taf
Rhondda Cynon Taf (RCT) council has given the green light for the local business rates relief scheme to continue for another year, allowing businesses in the area to potentially claim up to £500. This scheme, approved by the cabinet at a meeting on Wednesday, February 19, offers a maximum relief of £500 per qualifying business, in addition to the Welsh Government’s Retail, Leisure, and Hospitality (RLH) scheme.
The RLH scheme’s qualifying criteria will be applied, with an estimated 750 businesses in RCT set to benefit from this additional support. If a business’s “net” rates bill is less than £500 after applying RLH and any other eligible reliefs, the council will reduce the rates bill to zero. Upon meeting the criteria and being eligible for RLH, businesses will automatically receive up to £500 of local discretionary relief, resulting in an adjusted non-domestic rates bill.
According to a council report, there are no planned changes to the Welsh Government’s small business rate relief scheme. The costs associated with the local business rate reduction scheme have already been integrated into the council’s financial plans. The Welsh Government’s RLH scheme for the upcoming financial year will offer 40% rates relief and aims to assist eligible occupied businesses in the retail, leisure, and hospitality sectors across Wales.
Councillor Christina Leyshon, the cabinet member for corporate services, expressed her satisfaction with maintaining the £500 relief, emphasizing the council’s commitment to supporting local businesses. Council leader Councillor Andrew Morgan highlighted RCT’s unique position in offering the local rates relief scheme compared to other councils in Wales. He noted that while most authorities had not continued providing local support, RCT had continued to enhance its scheme.
The initiative aims to encourage residents to patronise local businesses in areas such as Pontypridd, fostering community engagement and support for the local economy. Businesses eligible for relief under the scheme must comply with specific criteria, including the provision of goods and services to the public. The scheme’s continuation underscores the council’s dedication to fostering a thriving business environment in RCT.
Maintaining the local business rates relief scheme reflects the council’s proactive approach to supporting local businesses, particularly in challenging economic times. By offering financial assistance to qualifying businesses, the council aims to stimulate growth and resilience within the local business community. Initiatives like these demonstrate the council’s commitment to nurturing a sustainable and vibrant business landscape in Rhondda Cynon Taf.
Overall, the decision to extend the local business rates relief scheme in RCT underscores the council’s recognition of the vital role that businesses play in the community’s economic prosperity. As businesses continue to navigate the ongoing challenges posed by external factors, this support scheme serves as a valuable resource in helping them thrive and contribute to the local economy’s vibrancy and resilience.