To ask the Chancellor of the Exchequer, whether the new business rate multiplier on Rateable Values over £500,000 will apply to (a) railway, (b) communications and (c) utility hereditaments on the Central Rating List.
Answered on
7 January 2025
At Autumn Budget 2024, the Government announced an intention to introduce permanently lower tax rates for retail, hospitality and leisure (RHL) properties with Rateable Values below £500,000 from 2026-27. This permanent tax cut will ensure that high street RHL properties benefit from much-needed certainty and support. This tax cut must be funded sustainably and so the Government intends to introduce a higher multiplier on all properties that have a rateable value (RV) of £500,000 and above.
The multiplier rates will be confirmed at Autumn Budget 2025.