Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what estimate she has made of the number of (a) shops, (b) sports stadiums, (c) film studios and (d) airports that would be liable for the surcharge on Rateable Values above £500,000.

As announced at Autumn Budget 2024, the Government will introduce permanently lower business rates multipliers for retail, hospitality, and leisure (RHL) properties with rateable values (RVs) below £500,000 from 2026/27. This permanent tax cut will ensure that they benefit from much-needed certainty and support. The Government is sustainably funding this by introducing a higher multiplier on properties with RVs of £500,000 and above.

The Valuation Office Agency has published data on the number of properties with current RVs of £500,000 or above.

Every three years, all non-domestic properties are revalued. The next revaluation will take effect on 1 April 2026. This may affect which properties are in scope of the new higher multiplier. Further detail will be published at the Budget.