Business Rates Autumn Statement 2022
At the Autumn Statement on 17 November 2022, the Chancellor announced that the Government would provide a package of measures to support businesses in England, worth an estimated £13.6 billion over the next five years.
For 2023/2024 the Chancellor announced:
- Support to high street businesses, as Government is extending and increasing the Retail, Hospitality and Leisure relief scheme from 50% to 75% for 2023/2024, up to £110,000 per business. It is anticipated that the Council will automatically apply this relief for business rates bills for 2023/2024
- Freezing the business rates multipliers at 49.9p (small business multiplier) and 51.2p (standard multiplier). Rather than rising to 52.9p and 54.2p respectively. Multipliers usually rise with Consumer Price Inflation (CPI) inflation.
- A new Supporting Small Business (SSB) relief scheme to ensure no small business faces a bill increase greater than £50 per month for 2023/2024 as a result of losing eligibility for Small Business Rate Relief, due to the 2023 revaluation.
- Reforming Transitional Relief so for businesses seeing lower bills as a result of the 2023 revaluation, the government will make sure they benefit from that decrease in full straight away. The government also announced a £1.6 billion scheme to cap bill increases for businesses who will see higher bills as a result of the 2023 revaluation.
- Transitional Relief will cap bill increases to a set percentage each year before other reliefs and supplements:
|Small (RV up to £20k or£28k in London||5%||10%||25%|
|Medium (RV between £20k to £100K)||15%||25%||40%|
|Large (RV greater than £100k||30%||40%||55%|
More details in relation to relation to each of these measures is available on Autumn Statement 2022: Business Rates Factsheet
- Alongside the announcements in the Autumn Statement 2022, the Valuation Office Agency have published the draft 2023 revaluation list. More details in relation to this is available on our 2023 Revaluation page