Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will publish an impact assessment for the proposed application of a higher multiplier to properties with a rateable value of £500,000 or above.

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, taking account of the outcomes of the 2026 revaluation as well as the broader economic and fiscal context.

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, HM Treasury intends to publish analysis of the effects of the new multiplier arrangements.