PARLIAMENTARY WRITTEN QUESTION
Business Rates: Tax Yields (30 October 2024)

To ask the Chancellor of the Exchequer, with reference to her Department's discussion paper entitled Transforming Business Rates, published on 30 October 2024, what the estimated yearly decrease is in business rate receipts from the lower multiplier for Retail, Hospitality and Leisure hereditaments from 2026-27.

Asked by:
David Simmonds (Conservative)

To protect the high street, the government intends to introduce permanently lower tax rates for high street Retail, Hospitality and Leisure properties from 2026-27. This tax cut must be sustainably funded, and the government intends to introduce a Large Business Multiplier from 2026-27, which will apply a higher rate on the most valuable properties (with rateable values of £500,000 and above). 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.

Answered by:
James Murray (Labour)
6 November 2024