Member

The Bill makes provision to enable the introduction of two lower multipliers for qualifying retail, hospitality and leisure properties; we intend to have one multiplier for properties below £51,000 rateable value, and one for properties between £51,000 and less than £500,000, effectively mirroring the thresholds currently in place for the standard and small business non-domestic rating multipliers. To sustainably fund that tax cut, the Bill also makes provision to enable the introduction of higher multipliers on the most valuable properties: those with a rateable value of £500,000 and above. It is the Government’s intention to introduce one higher multiplier for all properties above the threshold from 2026-27.