Business Rates Update - Autumn 2021 Budget

• Business Rates will be frozen for a second year, from 1 April 2022

until 31 March 2023, the multiplier will remain the same as

2021/2022.


• 50% Business Rates Relief for eligible retail, hospitality and leisure

properties for 2022-23 subject to a cap of £110,000 per business.


• Extended transitional relief for small and medium-sized businesses

for 1 year. This will restrict bill increases to 15% for small

properties (up to a rateable value of £20,000 or £28,000 in

Greater London) and 25% for medium properties (up to a rateable

value of £100,000).



Business Rates post 1st April 2023


• Increase the frequency of Business Rates revaluations

so that they take place every 3 years after 2023.


• Introduce a 100% rates relief for property improvement. This will

provide 12 months relief from higher bills for occupiers who

undertake improvements to an existing property, for example

installing air conditioning or extensions, which increase the

Rateable Value.


• Introduce from 1 April 2023 until 31 March 2035 targeted Business

Rate exemptions for eligible plant and machinery used in onsite

renewable energy generation and storage, and a 100% relief for

eligible heat networks, to support the decarbonisation of nondomestic

buildings. We await further details as to how this will be

implemented.