Business Rate Updates from 1st April 2024

At the Autumn Statement on 22 November 2023, the Chancellor announced a package of support worth £4.3 billion over the next 5 years to support small businesses and the high street.

For 2024/25 the Chancellor announced, that:

  • the small business multiplier will be frozen at 49.9p and will also now apply to properties that are vacant and those occupied by charities where the Rateable Value is below £51,000
  • the standard multiplier will be increased from 51.2p to 54.6p
  • the 2024/25 Retail, Hospitality and Leisure (RHL) scheme will be extended for a fifth year into 2024-25, retaining the existing scope and providing eligible properties with 75% relief, up to a cap of £110,000 per business
  • Introduction of Improvement Relief. Where a business makes improvement to their property that they occupy and they meet certain qualifying criteria, they will receive this relief for 12 months.

Full details of the schemes can be found on our Reliefs and exemptions web pages.

Last Updated on Tuesday, March 5, 2024

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