Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether the new business rate multiplier on Rateable Values over £500,000 will apply to (a) railway, (b) communications and (c) utility hereditaments on the Central Rating List.

At Autumn Budget 2024, the Government announced an 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 high street RHL properties benefit from much-needed certainty and support. This tax cut must be funded sustainably and so the Government intends to introduce a higher multiplier on all properties that have a rateable value (RV) of £500,000 and above.

The multiplier rates will be confirmed at Autumn Budget 2025.