Government announces Business Rates relief in Autumn Statement
Chancellor Jeremy Hunt has now (as of the 17th November) set out additional support for the business rates sector within the Autumn Budget. With the confirmation that the 2023 Rating revaluation will go ahead as planned, the Chancellor confirmed two thirds of properties will see no increase to their bills next year.
Within the announced £13.6 billion of support for businesses over the next five years, the Chancellor confirmed the multiplier will be frozen for 2023/2024 to help protect businesses from rising inflation and the retail, hospitality and leisure sectors retail relief will be extended and increased from 50% to 75% which in turn will assist 230,000 businesses.
Additionally, downward Transition is to be permanently abolished which will help 300,000 business properties and a new Transitional Relief Scheme (worth £1.6 billion) has been set up to help 700,000 properties adapt to their increased bills by capping the increase at 5% for the smallest properties.
Finally, for those that will lose their eligibility for either Small Business or Rural Rate Relief, a new Supporting Small Business Scheme has been introduced which will cap any increase to £50 per month.
The extension of the retail relief for another year, along with the removal of downward transitional relief will have an immediate positive impact on thousands of businesses within the retail, leisure and hospitality sectors who have been desperate for additional support from the Government for many years.
If you are unsure of how these proposed changes may impact your liability or for any other business rates enquiries, contact our Business Rates team on 01727 732222 or email at businessrates@argroup.co.uk
For the full government details please click here: https://www.gov.uk/government/publications/autumn-statement-2022-business-rates-factsheet/autumn-statement-2022-business-rates-factsheet
Article written by Rick Gibala, Director – Head of Business Rates at Aitchison Raffety