BID members in the retail, hospitality and leisure sectors will be able to benefit from an additional 25% reduction in business rates for the 2022/23 financial year under a new scheme launched by Newport City Council.
With Welsh Government already providing a 50% business rates discount for the three sectors, this means the majority of Newport Now BID members will pay just 25% of their business rates this year.
The 25% element of the discount is only available to retail, hospitality and leisure businesses (such as shops, pubs, restaurants and gyms) in the BID area with a rateable value below £50,000.
The following criteria will be used to assess eligibility for the Newport City Centre Rate Relief Scheme.
For existing businesses:
The ratepayer must be occupying a property shown in the non-domestic rating list.
The property must be located within the Newport city centre BID area.
The property must have a rateable value of £50,000 or less
The ratepayer must have the necessary permissions to carry out the business.
The property must not be occupied by a charity or similar organisation that receives either mandatory or discretionary rate relief.
The business being run from the property must be in the retail, leisure and hospitality sectors as defined by the Welsh Government Retail, Leisure and Hospitality rate relief scheme 2022-23.
The business must not have received more than £300k in state aid since January 2021 and is eligible to claim this relief under the Small Amounts of Assistance rules.
For businesses occupying previously empty premises:
All the conditions as above plus:
The ratepayer must own or have signed a commercial lease with a minimum of 12 months to run.
There must be evidence that the business is trading, and rent is being paid.
The premises must have been unoccupied at the start of the lease.
No relief will be awarded until the property is occupied and trading.
In the case of a business moving from one premises to another within the city centre, relief will be paid on the new premises only if the property is larger and more staff are being employed.
In the case of a new business, a detailed business plan must be supplied.
The property being used is not excessively large for the business that is being carried out.
In all cases the council will reserve the right to decline to pay any applications that it considers have been created to take advantage of scheme.
The rate relief will end when one of the following occurs:
• The business ceases to trade.
• The property becomes unoccupied.
• Action is taken by a statutory body that prevents the business from operating.
Click here to find out how to apply for both the Wales-wide and BID area-only business rates discounts.