Markets: Business Rates
The question
To ask the Chancellor of the Exchequer, what steps she is taking to reduce business rates for the owners and tenants of buildings containing market stalls.
Answered by Emma Reynolds
Business rates are paid by the occupiers of commercial properties. In the event a property is unoccupied, the property owner is liable for the property’s business rates bill.
To deliver our manifesto pledge, we intend to introduce permanently lower tax rates for qualifying retail, hospitality, and leisure (RHL) properties, including those on the high street, from 2026-27. Eligibility for these new RHL multipliers will broadly mirror the scope of the existing RHL relief scheme.
During the interim period, for 2025-26, RHL businesses will receive a 40 per cent relief on their business rates up to a cash cap of £110,000 per business.
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