Oral Question·Treasury
“What steps she is taking to introduce permanent reductions to business rates for high street retailers.”
Tabled: 27 November 2024Answered: 3 December 2024
Asked by
Jade Botterill
Labour — Ossett and Denby Dale
Answering Minister
the Chancellor of the Exchequer
Answer from Hansard
The Exchequer Secretary to the Treasury (James Murray)
To deliver our manifesto pledge, we intend to introduce permanently lower tax rates for high street retail, hospitality and leisure properties from 2026-27. This tax cut must be sustainably funded, so we intend to introduce a higher rate on the most valuable properties—those with a rateable value of £500,000 or above—from 2026-27. The Non-Domestic Rating (Multipliers and Private Schools) Bill, introduced last month, will enable the Government to deliver these changes, and it will come into effect in April 2026.