Plaid Cymru pledges to scrap business rates for SMEs
2 min read
03 February 2015
Plaid Cymru have pledged to help thousands of small firms in Wales that struggle to pay business rates, by scrapping the tax for them.
The party has pledged to scrap business rates for all enterprises with a rateable value of under £10,000 relief with those between £10,000 and £15,000 also seeing their bills reduced.
A Freedom of Information request by the party reveals that more than 3,000 businesses with a rateable value of under £10,000 had liability orders issued against them for non-payment over the past three years. These 3,000+ small businesses could therefore be taken out of paying non-domestic business rates altogether under plans.
They are among 70,000 businesses that would be taken out of the rates system, as business rates are being devolved to the Welsh Government next year.
The highest number of businesses under £10,000 rateable value which had liability orders served on them was in Cardiff with 1,230, Rhondda Cynon Taf council with 445 and Swansea with 300.
“Small businesses are crucial to our economy and account for 99% of all buisnesses in Wales, so it is vital we support this sector,” says Rhun ap Iorwerth, Plaid Cymru’s Shadow Minister for the Economy and Enterprise.
“Business rates account for a significant part of operating costs for small businesses and prevents businesses from growing, from investing in themselves and in many cases, stifles employment growth. Taking away the burden of business rates will allow our private sector to flourish and create employment.
“These figures highlight the number of small businesses that are struggling to meet their bills and who, under Plaid Cymru plans, will not have to pay any non-domestic rates.”