Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what estimate she has made of the level of the (a) lower multiplier for retail, hospitality and leisure hereditaments from April 2026 and (b) higher multiplier for hereditaments above £500,000 Rateable Value; and whether she has a target for the average (i) decrease and (ii) increase in business rates as a (A) proportion and (B) number.

At Autumn Budget 2024, the Government announced that it intends 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.

The Government will confirm the rates for the new multipliers at Budget 2025.

The Non-Domestic Ratings Bill due for Committee Stage sets out the parameters within which the government proposes the multipliers would be set by Treasury regulations.