Retail Trade: Business Rates
The question
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the decision to apply a higher multiplier to all properties with a rateable value of £500,000 or above on (a) large supermarkets and (b) department stores.
Answered by James Murray
At Autumn Budget 2024, the Government announced its intention to introduce permanently lower tax rates for retail, hospitality, and leisure (RHL) properties, with rateable values below £500,000, from 2026-27. This permanent tax cut will ensure that they benefit from much-needed certainty and support. The Government intends to fund this by introducing a higher multiplier on all properties with a rateable value (RV) of £500,000 and above.
The Government will confirm the rates for the new multipliers at Budget 2025, taking account of the outcomes of the 2026 revaluation as well as the broader economic and fiscal context.
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