Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential cumulative impact of the 2026 business rates revaluation on the plans for a new surcharge on hereditaments with a Rateable Value above £500,000; and whether the £500,000 threshold will be uprated to reflect the changes to average Rateable Values following the 2026 revaluation.

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 – to take effect in the 2026-27 billing year – HM Treasury intends to publish analysis of the effects of the new multiplier arrangements