PARLIAMENTARY WRITTEN QUESTION
Business Rates (29 October 2024)

To ask the Chancellor of the Exchequer, what assessment has she made of the impact of the level of business rates on high street shops; and what steps she plans to take to support businesses with high business rates.

Asked by:
Mr Lee Dillon (Liberal Democrat)

High street businesses are contending with changing consumer shopping habits and have faced a series of economic headwinds in recent years, including the pandemic. As set out in its manifesto, the government wants to ensure that the weight of business rates is permanently rebalanced and high street businesses are protected.

The government announced at the Budget an intention to introduce permanently lower tax rates for retail, hospitality, and leisure (RHL) properties from 2026-27.

During the interim period, for 2025-26, RHL properties will receive a 40% relief on business rates bills up to a cash cap of £110,000 per business. The small business multiplier paid by properties with RVs below £51,000 will also be frozen for a further year.

Answered by:
James Murray (Labour)
6 November 2024