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The government announced a number of steps to help Business Rate payers when the revaluation comes into effect on 1 April 2023. We will put further information about how this affects businesses on our website, once further details are received.

The main steps to provide assistance to businesses are:

  • to support high street properties the government is extending and increasing the Retail, Hospitality and Leisure relief scheme from 50% to 75% for 2023-24, up to £110,000 per business.
  • freezing the business rates multiplier will keep the small business multiplier and standard multiplier at 49.9p and 51.2p respectively, rather than rising to 52.9p and 54.2p
  • reforming Transitional Relief. For businesses seeing lower bills as a result of the revaluation, the government will make sure they benefit from that decrease in full straight away, by abolishing downwards transitional reliefs caps. 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 revaluation
  • protection for small businesses who lose eligibility for Small Business Rate Relief due to new property valuations, through a more generous Supporting Small Business scheme worth over £500 million

Visit the website for full details about the Autumn Statement.