Exciting news for Wales! 🎉 Pubs, restaurants, cafés, bars, and live music venues are getting a tax break. The Welsh Government has announced a 15% cut on business rates for around 4,400 hospitality businesses for 2026-27. This support, amounting to £8 million, is aimed at helping these vital community hubs tackle rising costs and shifting consumer habits.
With a freeze on rates for the next two years, independent venues get a chance to thrive. Relief is capped at £110,000 per business to focus on supporting smaller operators. This means more support for the vibrant mix of venues on our high streets. 🏙️
Finance Minister Mark Drakeford shared that this initiative is all about backing those places that bring communities together and adapting to current challenges. This enhanced relief joins the over £1 billion already provided since 2020 for temporary relief, plus the £250 million in permanent reliefs each year.
Almost half of the pubs in Wales already enjoy relief schemes, with over a quarter paying no rates at all. From April 2026, businesses can apply for relief through their local council as changes to rate calculations come into play, with £116 million set aside to help Welsh businesses ease into these updates.
UKHospitality Cymru warns that without adjustments, the sector in Wales might face a 35% rise in business rates by 2026-27, calling the situation crucial. This new support could be a lifeline for many. Let’s raise a glass to our local spots thriving and continuing to serve our communities! 🍻 #SupportLocal #WalesHospitality #BusinessRelief