Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential merits of delaying business rates revaluations for hospitality businesses.

The amount of business rates paid on each property is based on the Rateable Value of the property, assessed by the Valuation Office Agency, and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years.

Revaluations ensure that the rateable values of properties remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.

The next revaluation will take effect from 1 April 2026 based on values from 1 April 2024.