Autumn Statement 2023 – Business rates

The Chancellor announced a number of support measures to assist smaller businesses and the high street with a £4.3 billion package over the next five years.

75% reduction retained

In the 2022 Autumn Statement, the Chancellor announced a 75% discount to businesses occupying eligible retail, hospitality, and leisure properties in England.  The Chancellor has now confirmed an extension to this relief for a further 12 months from 1 April 2024 with the cash cap remaining the same, at £110,000 per business.

Freezing the multiplier

Business rates are currently calculated by multiplying the rateable value (provided by the Valuation Office Agency) by either 49.9p or 51.2p depending on whether the business is ‘small’ or ‘standard’.

The multiplier has historically been increased in line with the consumer prices index (CPI); however, these have been retained at the same rates since 2020/21.

The Chancellor announced that the small business multiplier will be, once again, frozen at 49.9p for another 12 months from 1 April 2024.

The standard rate, however, will be increased in line with CPI inflation to 54.6p which will see an increase in business rates for many businesses for the first time in four years.

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