Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what estimate she has made of changes to business rates for the Channel Tunnel from 2025-26 to 2026-27 as a consequence of the (i) business rate revaluation and (ii) surcharge on Rateable Values above £500,000; and whether she has made an assessment of the potential impact of those changes on rail investment in Channel Tunnel services.

The Government cannot comment on the bills of individual ratepayers.

At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties as they recover from the pandemic.

While rateable values have increased, the multipliers rates have decreased, meaning, from April, all ratepayers will face a lower multiplier than they do now, including those paying the high-value multiplier. The Government recognises that this does not necessarily mean a lower bill for everyone which is why, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for ratepayers seeing their bills increase because of the revaluation.

This support package includes a redesigned transitional relief scheme, which caps bill increases over the next 3 years. Compared to the 2023 transitional relief scheme, the redesigned scheme will provide more support for properties paying higher tax rates (such as the new high-value multiplier), including airports, hotels and key Industrial Strategy properties, who are facing large increases and are important for growth in the UK.