Business Rates: Tax Allowances
The question
To ask the Chancellor of the Exchequer, what discussions she has had with the Retail, Hospitality and Leisure industries on the level of business rates relief which would help to drive (a) investment and (b) local employment.
Answered by Dan Tomlinson
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 will introduce permanently lower tax rates for retail, hospitality, and leisure (RHL) properties with ratable values (RVs) below £500,000 from 2026-27. This permanent tax cut will ensure they benefit from much-needed certainty and support.
The rates for new multipliers will be set at Budget 2025 so that the Government can take into account the revaluation outcomes as well, as the economic and fiscal context.
The Government has engaged with a broad range of stakeholders on business rates. The Transforming Business Rates: Interim Report, published on 11 September, brings together extensive feedback from stakeholders and outlines the Government’s next steps to deliver a fairer business rates system, that supports investment and is fit for the 21st century: https://www.gov.uk/government/publications/transforming-business-rates-interim-report/transforming-business-rates-interim-report.
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