INDEPENDENT businesses in Monmouthshire hit by rate increases will be offered relief as part of a new £100 million scheme.

Launched last Friday (21st July), a new consultation from Welsh Government features proposals to redirect business relief from larger, national chains to smaller, independent businesses.

The move comes after a number of small businesses in Monmouthshire faced significant increases in their business rates valuation last year. An increase in the business rate multiplier also resulting in some being pushed over the £12,000 threshold and becoming ineligible for small business rate relief (SBRR) altogether.

The consultation looks at whether the scheme could provide more support to the small businesses that need it the most.

This could involve redirecting relief from certain businesses, such as national chains which occupy multiple small premises across Wales, to support businesses which are more likely to benefit. Funding would then be reinvested in making the scheme more generous for small businesses like local shops, cafes and restaurants which might only operate from one or two premises.

In considering how the scheme could be made more generous, the consultation also looks at whether the different thresholds for relief could be increased, how much this would cost and whether, as a result, more businesses would benefit.

The move has been welcomed by Monmouth Assembly Member Nick Ramsay, who launched a petition last year to overturn rate increases described as “unfair”.

Commenting on the consultation, Mr Ramsay said: “I hope these plans will get the go ahead so that a £110 million permanent small business rate relief scheme can be introduced by 2018.

“Small businesses are the lifeblood of our high streets and have been penalised long enough. We should be doing all we can to support and protect them.”

Launching the consultation, Mark Drakeford said: “We want to provide as much certainty and security for small businesses as we possibly can. One of the best ways we can do this is by confirming that we will be introducing a £110 million permanent SBRR scheme in 2018 and, in doing so, extending a tax cut that will help boost long-term economic growth for Wales.

“Today marks the start of an extensive consultation with ratepayers, business representatives, other taxpayers and local authorities. Their views are absolutely essential to making this scheme a success and we want to work with them closely, constructively and attentively.”

To take part in the consultation, which closes on Friday 13th October, visit gov.wales/consultations