diff --git a/kedro-telemetry/RELEASE.md b/kedro-telemetry/RELEASE.md
index 33c7629fb..f50ecaf7c 100644
--- a/kedro-telemetry/RELEASE.md
+++ b/kedro-telemetry/RELEASE.md
@@ -1,4 +1,6 @@
 # Upcoming release
+
+# Release 0.5.0
 * Updated the plugin to generate a unique project UUID for kedro project and store it in `pyproject.toml`.
 
 # Release 0.4.0
diff --git a/kedro-telemetry/kedro_telemetry/__init__.py b/kedro-telemetry/kedro_telemetry/__init__.py
index 9e5883b35..5c139beba 100644
--- a/kedro-telemetry/kedro_telemetry/__init__.py
+++ b/kedro-telemetry/kedro_telemetry/__init__.py
@@ -1,3 +1,3 @@
 """Kedro plugin for collecting Kedro usage data."""
 
-__version__ = "0.4.0"
+__version__ = "0.5.0"