RETAIL, hospitality and leisure businesses in Wales with a rateable value of up to £500,000 will not have to pay business rates for a further 12 months.

Finance minister Rebecca Evans has today announced the extension of the business rates holiday for the retail, leisure and hospitality sectors.

The £380 million package provides retail, leisure and hospitality businesses with rateable values up to £500,000 and charities in Wales with a year-long rates holiday.

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This relief package, in combination with the existing Small Business Rates Relief scheme, will ensure that more than 70,000 businesses will continue to pay no rates at all in 2021-22.

In England, eligible businesses will now be exempt from paying business rates until June, followed by a further six-month period where rates will be discounted to two-thirds of the normal charge.

The minister has also committed to providing businesses and charities in the leisure and hospitality sectors with a rateable value of over £500,000 with 100 per cent rates relief for 2021-22 too.

Ms Evans said: “The Welsh Government has worked tirelessly to ensure businesses in Wales have access to the most generous business support package anywhere in the UK.

“Our targeted, responsible approach has allowed us to dedicate more funding for business support than we have received from the UK government. I am pleased to confirm that our 100 per cent rates relief package for those hardest hit sectors will continue for a further 12 months, protecting jobs and businesses across Wales.”

Ms Evans has also confirmed today that the Land Transaction Tax temporary reduction period will be extended by a further three months so that it will end on June 30.