Public Bodies: Business Rates
The question
To ask the Chancellor of the Exchequer, whether she plans to provide additional funding to public bodies for the increase in business rates for hereditaments with a Rateable Value above £500,000.
Answered by James Murray
To deliver our manifesto pledge, we intend to introduce permanently lower tax rates for retail, hospitality, and leisure (RHL) properties, with rateable values below £500,000, from 2026-27.
This tax cut must be sustainably funded, and so we intend to apply a higher rate from 2026-27 on the most valuable properties - those with a rateable value of £500,000 and above, representing less than one percent of all properties.
The Spring Statement confirmed the spending envelope for phase 2 of the spending review. We will consider the full range of priorities and pressures facing departments in the round, when setting these budgets.
Verbatim has judged this answer against the question that was actually asked — answered, partly answered, or evaded. Sign in to see the verdict →