Business rates are charged on most non-domestic properties, like shops, offices, pubs or holiday lets. Your local council will send you a business rates bill in February or March each year for the following tax year.
Rates are calculated on the ‘rateable value’ of the property. From 1 April 2023, business rate bills in England were updated to reflect changes in property values since the last revaluation in 2017. A package of targeted support worth £13.6 billion over five years will support businesses as they transition to their new bills, protect businesses from the full impact of inflation, and support our high streets. English Local Authorities will be fully compensated for the loss of income as a result of these business rates measures and will receive new burdens funding for administrative and IT costs.
The Chancellor has also announced a wider set of supports for business rates including freezing multipliers and further transitional support worth in excess of £10 billion. The Chancellor will deliver his Autumn Statement on 22 November, and it would not be appropriate for me to pre-empt what may or may not be announced.