Business Rates
The question
To ask the Chancellor of the Exchequer, what estimate she has made of the additional revenue to be raised from properties with rateable value of £500,000 or above in order to be able to set lower multipliers for retail, hospitality and leisure properties below that threshold.
Answered by James Murray
At Autumn Budget 2024, the Government announced that it intends 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.
The Non-Domestic Ratings Bill due for Committee Stage sets out the parameters within which the government proposes the multipliers would be set by Treasury regulations.
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