The Chancellor of the Exchequer, George Osborne MP has confirmed Business Rates will be devolved in full to Wales in his Autumn Statement this afternoon. RenewableUK Cymru is now calling on the Welsh Government to ensure that once powers are transferred, business rates collected for renewable energy projects will be retained by Local Authorities rather than entering a central pot.
Matthew Williams, Policy Officer at RenewableUK Cymru, said: “England has practiced retention of Business Rates for renewable energy projects since April 2013 and it’s time Wales followed suit. We believe this will give Local Authorities in Wales an incentive to facilitate the development of renewable energy installations within their areas, on both private and Local Authority owned land. In a time of restricted budget settlements, business rates retention would allow Local Authorities to rely less on funding from Welsh Government and could provide a secure and predictable income stream through the continued promotion and development of renewable energy schemes.”