Business Rates
The question
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential impact of reducing the business rate multiplier by 20p for all hereditaments in England used for retail, hospitality and leisure with a rateable value of (a) under £51,000 and (b) £51,000 to £499,999 on business rate income (i) including and (ii) excluding the (A) existing and (B) planned Retail, Hospitality and Leisure Business Rates Relief scheme in the (1) 2023-24, (2) 2024-25 and (3) 2025-26 financial year.
Answered by James Murray
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.
Tax policy and legislation is not subject to the Better Regulation Framework Guidance which requires an Impact Assessment to accompany policy decisions. Nevertheless, when the new multipliers are set at Budget 2025 – to take effect in the 2026-27 billing year – HM Treasury intends to publish analysis of the effects of the new multiplier arrangements.
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