Retail Trade: Business Rates
The question
To ask the Chancellor of the Exchequer, what assessment she has made of the potential merits of reducing business rates relief for retailers that choose to leave the high street and move their businesses to retail parks.
Answered by James Murray
As set out at Autumn Budget 2024, the Government intends to introduce permanently lower tax rates for all retail, hospitality, and leisure (RHL) properties with rateable values below £500,000 from 2026-27.
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 rates for any new business rate multipliers will be set at Budget 2025 so that the Government can take into account the upcoming revaluation outcomes as well as the economic and fiscal context.
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