The Welsh Government has announced its business rates holiday for the retail, leisure and hospitality sectors will be extended for 12 months.

Finance Minister Rebecca Evans announced a £380 million package following a similar extension for businesses in England, announced by the UK Chancellor in his budget statement earlier today.

The £380m package provides Welsh retail, leisure and hospitality businesses with rateable values up to £500,000 with a year-long business rates holiday.

Business rates, also known as non-domestic rates, are what businesses pay on most non-domestic properties, like shops, factories and pubs.

The hospitality, retail and leisure sectors have been some if the hardest hit during the pandemic with many premises closed for long periods.

The Government says the relief package, in combination with its existing Small Business Rates Relief scheme, will ensure that more than 70,000 businesses will pay no rates at all in the 2021-22 financial year.

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Finance Minister Rebecca 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% rates relief package for those hardest hit sectors will continue for a further 12 months, protecting jobs and businesses across Wales.”

Commenting on the business rates relief extension, Ben Francis, Wales Policy Chair for the Federation of Small Businesses, said: "We very much welcome this response from the Government.

“Businesses in Wales will be delighted that Welsh Government has listened to campaigning from FSB and extended the business rates holiday for retail, hospitality and leisure firms for another year.

“Business rates represent a significant financial obligation for many businesses and having the rates holiday in place for longer will remove a huge amount of pressure, provide an element of financial certainty and will be a big step towards recovery for thousands of businesses."

The Government has also confirmed that the temporary reduction on Land Transaction Tax will be extended by until June 30.