Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the Government’s non-school business rate changes announced at Autumn Budget 2024, whether she has made a (a) regulatory impact assessment or (b) tax information and impact note on (i) the changes to retail, hospitality and leisure rate relief in 2025-26 and (ii) the new multiplier regime in 2026-27.

At Autumn Budget 24, the Government announced its intention to introduce permanently lower tax rates for retail, hospitality, and leisure (RHL) properties with Rateable Values below £500,000 from 2026-27. This permanent tax cut will ensure that they benefit from much-needed certainty and support. The Government intends to fund this by introducing a higher multiplier on all properties with a rateable value (RV) of £500,000 and above.

Tax policy and legislation is not subject to the Better Regulation Framework Guidance which requires an Impact Assessment to accompany policy decisions. Nevertheless, when the new multipliers are set at Budget 2025, the Treasury intends to publish analysis of the effects of the new multiplier arrangements.

The Government will confirm the rates for the new multipliers at Budget 2025, taking account of the outcomes of the 2026 revaluation as well as the broader economic and fiscal context. At this point, the Government will publish analysis of the effects of the new multiplier arrangements.