There was some good news for occupiers of smaller properties today, in the chancellor’s Autumn Statement –

The chancellor announced, the small business multiplier would be frozen at 49.9p, for another year.

This is good news for businesses with Rating Assessments below £51,000.

Occupiers with a single Assessment below £12,001 will still pay no Rates, with Relief applying to Assessments up to £15,000.

There was also good news for retail and hospitality, with, as expected, an extension of the 75% discount on business rates, up to £110,000, for retail hospitality and leisure businesses.

There was less good news for occupiers of larger properties, Assessed at £51,000 or above, where the standard multiplier of 51.2p currently applies. It has been confirmed that this will not remain frozen, but instead will rise in line with inflation. This will see some significant increases in Business Rates for many occupiers, including many larger retailers, who will quickly hit the £110,000 Relief limit.

We are still waiting on an announcement in relation to Empty Rates Relief, which didn’t feature in the Autumn Statement and has been subject to a public consultation, so watch this space.

Contact us if you have any questions, as to how the Autumn Statement may impact your business.

Autumn Statement 2023 speech (html)