"The Chancellor's announcements today concerning business rates constitute a dismal day for UK PLC and the High Street. Together with rises anticipated in the 2026 Revaluation, matters have been made even more costly for businesses, who overall will be facing higher business rates bills next April as business rates set to rise from £33.6 billion to £37.1 billion- a 10.2% increase."
"The Chancellor announced on Wednesday the abolition of the 40% business rates relief for the retail/leisure (RHL) sector (which had been capped at £110,000 per business) from next April. This will now be zero. Its new multiplier policy with the introduction of five new business rates multipliers set at the following levels; small business RHL multiplier -RV below £51,000 (RHL): 38.2p, standard RHL multiplier RV between £51,000 and £499,999 (RHL): 43p."
"The introduction of a 1p supplement to the relevant tax rate for ratepayers who do not receive Transitional Relief or the Supporting Small Business Scheme to partially fund Transitional Relief. This will apply for one year from 1 April 2026. The government stated that the reason for the lowest multiplier for the smaller retail, hospitality and leisure (RHL) properties is to compensate them from the loss of their RHL reliefs and to put support for the "high street" on a permanent footing."
Business rates bills will rise from £33.6 billion to £37.1 billion, a 10.2% increase, from next April. The 40% retail/leisure (RHL) relief, previously capped at £110,000 per business, will be abolished and reduced to zero. Five new business rates multipliers will be introduced: small RHL (RV below £51,000) 38.2p; standard RHL (RV £51,000–£499,999) 43p; small non-RHL (RV below £51,000) 43.2p; standard non-RHL (RV £51,000–£499,999) 48p; and a high-value multiplier (RV £500,000+) 50.8p. A 1p supplement will apply for one year from 1 April 2026 to partially fund Transitional Relief. The overall effect shifts costs toward larger properties.
Read at London Business News | Londonlovesbusiness.com
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