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New business rate incentive schemes launched

Two Welsh Government business rate incentive schemes - with a total value of £21.5 million – go live this month.
Tuesday 15 January 2013

Both schemes are now open for applications with £3.27million available in the current financial year.

Details of the two new schemes – the Enterprise Zone Business Rates Scheme and the Wales Renewable Energy Producers Business Rate Scheme – were announced today by Business Minister Edwina Hart.

The Minister said:

“I announced my intention to set up these business rate incentives in October in response to the Business Rates Review that examined whether the business rates regime can be used as a lever for economic growth in Wales.

“Although a business rates grant is not a cure for all the current economic difficulties I hope these measures will assist the growth of small businesses in Wales.

“We are targeting support at businesses based in the seven Enterprise Zones in Wales and companies throughout Wales involved in renewable energy generation. Priority will be given to new start ups or SMEs that are expanding and increasing the size of their permanent workforce”

Both schemes open for applications for the current financial year from today (January 15) until 11th February 2013 with the maximum grant available to each successful applicant being £55,000 or the business rates paid.

Environment Minister John Griffiths said:

"As outlined in Energy Wales, secure and clean energy is crucial to drive economic activity and improve people's quality of life in Wales for the long term.  I very much welcome the introduction of Wales Renewable Energy Producers Business Rate Scheme and am confident it will offer a real boost to the sector whilst helping to build a more sustainable Wales."

The Welsh Enterprise Zone Business Rates Scheme is a £20million scheme running over four financial years from 2012/13 to 2015/16 for companies based in Enterprise Zones. The Welsh Government is matching the UK Government consequential with £10million.

It will operate as a competitive grant scheme within each Zone, with priority for funding given to the strongest applications. First priority will be given to new start ups and businesses increasing their workforce.

Further information is available at: www.enterprisezones.wales.gov.uk and www.ardaloeddmenter.cymru.gov.uk 

The Wales Renewable Energy Producers Business Rate Scheme is a £1.5million scheme available to qualifying businesses in all parts of Wales that can demonstrate they are solely concerned with the generation of heat and/or power from a range of renewable sources.

In supporting new-start businesses and jobs expansion from renewable energy producers, it is designed to assist growth of the sector and help increase capacity to generate heat and power from renewable sources.

Further information is available at: www.business.wales.gov.uk.  

 

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Business and economy 15 January 2013 Economy Mid Wales North Wales South East Wales South West Wales
 
 

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