Autumn Budget 2024and Business Rates

Published by Evans & Payne LLP : 31 October 2024

In the latest Autumn Budget statement, Chancellor Rachel Reeves announced some changes to Business Rates. 

From the 1st April 2025, Business Rate changes will mainly affect the Retail, Hospitality and Leisure Sectors.

The changes include: 

> To introduce Permanently Lower Multipliers for the Retail, Hospitality and Leisure (RHL) sectors with a rateable value (RV) less than £500,000 starting from April 2026 to 2027.However, funding this Lower Multiplier is only made possible by applying Higher Multipliers on properties with RVs higher than £500,000.

>> Supporting the Retail, Hospitality and Leisure sectors by providing 40% relief, up to a cash cap of £110,000 per business starting from the 1st of April 2025. This is a reduction from the current 75% Rate Relief which will end on the 31st March 2025.

>>> Protecting the smallest properties by freezing the small business multiplier in 2025-2026.Please do not hesitate to contact us if you are unclear about any of the above or have any concerns.