To ask the Chancellor of the Exchequer, with reference to paragraph 1.7 of her Department's publication entitled Transforming Business Rates, published on 30 October 2024, what estimate she has made of the amount of tax relief in (a) monetary terms and (b) as a reduced multiplier.
Answered on
27 November 2024
In 2025-26, Retail, Hospitality and Leisure (RHL) relief will provide RHL properties 40% relief up to a cash cap of £110,000 per business and the small business multiplier will be frozen at 49.9p.
This is a package worth over £1.6 billion, aimed at supporting the most vulnerable businesses. It will ensure that over 250,000 RHL properties receive the full 40% support, and in total, government support will protect over a million properties from inflationary increases.
The rates for new multipliers will be set at Budget 2025 so that the government can factor into its decision-making the next revaluation outcomes and the broader economic and fiscal context.