Government announced the following
Multiplier Freeze
• The small business rates multiplier will be frozen at 49.9 pence. The large (standard) multiplier has increased to 54.6 pence.
Empty Property Reset Period
• The Empty Property Relief “reset period” will be extended from six weeks to thirteen weeks from 1 April 2024 in England. This change means that a property must be occupied for at least thirteen weeks before it is eligible to receive the 3 or 6 months exemption.
Transitional Relief Scheme
• Upwards Transitional Relief will support properties by capping bill increases caused by changes in rateable values at the 2023 revaluation. The ‘upward caps’ will be 10%, 25% and 40%, respectively, for small, medium, and large properties in 2024/25, and will be applied before any other reliefs or supplements.
Retail, Hospitality and Leisure Relief
• Support for eligible retail, hospitality, and leisure businesses remains at 75% business rates relief up to £110,000 per business in 2024/25.
Supporting Small Business Scheme (SSBS)
• Bill increases for the smallest businesses losing eligibility or seeing reductions in Small Business Rates Relief (SBRR) will be capped at £1200 per year for 2024/25. This means no small business losing eligibility for SBRR see a bill increase of more than £100 per month in 2024/25.
Improvement Relief
• This is a relief to ensure ratepayers do not see an increase in their rates for 12 months as a result of making qualifying improvements to a property they occupy. This relief is available from April 2024 until 2028.