Following the Government’s Autumn Statement, it was confirmed that the small business rates multiplier will remain at the same level until at least 31 March 2025.
Therefore, properties with a rateable value of less than £50,999 will see their business rates stay the same for another year from 1 April 2024. The retail, leisure and hospitality sector will still also benefit from relief at 75% from 1 April 2024 to 31 March 2025.
However, from April 2024 properties with a rateable value of £51,000 and above will see a rise in their business rates as the standard business rates multiplier will increase in line with September’s CPI inflation figure of 6.7%.
In addition, next year there will be a reduction in the level of transitional relief applied to business rates, which means for many there will be an increase in their business rates, especially in the industrial sector.
For more information contact Tom Neville BA (Hons) MRICS or Phil Dickins BSc (Hons) MRICS at Stratton Creber Commercial.