Business Rates: Great Yarmouth
The question
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of business rates on retail unit closures in Great Yarmouth town centre between 2018 and 2024.
Answered by James Murray
The Government is creating a fairer business rates system that protects the high street, supports investment, and is fit for the 21st century.
As set out at Autumn Budget 2024, the Government 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.
During the interim period, for 2025-26, RHL properties will receive a 40% relief on business rates bills up to a cash cap of £110,000 per business. To protect the smallest properties from inflationary increases, the small business multiplier paid by properties with RVs below £51,000 has also been frozen for a further year.
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