Business rates relief update

The small business rates multiplier, which applies to properties in England with a rateable value (RV) of less than £51,000, has been frozen at 49.9p for the fourth consecutive year. The standard multiplier will increase from 51.2p to 54.6p from April 2024.

The government has also extended the 75% rates relief for retail, hospitality and leisure (RHL) businesses in England. This is available for business premises used mainly as a shop, restaurant, café, bar or pub, cinema or music venue, or a hospitality or leisure business such as a gym, spa or hotel. Relief in each year is capped at £110,000 per business.

In Scotland the basic rate poundage for properties with an RV below £51,000, will remain frozen at 49.8p. However, the intermediate and higher rates will increase in line with the September consumer prices index. Relief under the RHL scheme will only be available for properties on the Scottish Islands. RHL relief in Wales will be reduced to 40% in 2024/25.

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