The Autumn Statement of the 17th November 2022 announced the following:
Multiplier Freeze
- The business rates multipliers will be frozen at 49.9 pence and 51.2 pence.
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 5%, 15% and 30%, respectively, for small, medium, and large properties in 2023-24, and will be applied before any other reliefs or supplements.
Retail, Hospitality and Leisure Relief
- Support for eligible retail, hospitality, and leisure businesses is being extended and increased from 50% to 75% business rates relief up to £110,000 per business in 2023-24.
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 £600 per year from 1 April 2023. This means no small business losing eligibility for SBRR see a bill increase of more than £50 per month in 2023-24.
Improvement Relief
- This is a new 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 will now be introduced from April 2024. This relief will be available until 2028, at which point the government will review the measure.