For a Government that committed to replace the existing system with a new system of business property taxation and to level the playing field between the High Streets and online giants, the Budget was surprisingly light on detail and substance.
In the speech, the Chancellor confirmed the following for ratepayers in England:-
- The Government intends to permanently lower business rate multipliers for High Street Retail, Hospitality & Leisure properties from 2026/27. The shortfall in tax revenue will be funded through a higher multiplier for most valuable properties. A separate discussion paper confirms these as having an assessment greater than RV £500k. the Government suggests this will capture warehouses occupied by the online sales giants, but of course it will also include other large occupiers unrelated to the High Street.
- The small business multiplier has been frozen at 49.9p. There is no confirmation of the large business rate multiplier which we expect to increase to 55.5p
- The Government has extended the current Retail, Hospitality & Leisure Relief Scheme albeit it has reduced the relief from 75% to 40% of the liability, subject to maintaining the current cash cap of £110,000 per business. Whilst it is true that there was no scheme in place for 2025/26 this will still come as a massive shock to smaller retailers who currently rely upon the 75% relief granted to them. There will be no impact upon larger retailers as they will still benefit from the overall total cash cap of £110,000.
- Private schools will lose their 80% charitable relief effective from 1 April 2025
Alongside the Budget Speech, the Government has published a Business Rates Discussion Paper setting out its priority areas for reforms and inviting interested parties and ratepayers to help design a fairer business rates system. Of surprise was that the Government continues to “kick the can” down the road rather than grapple with some of the issues affecting ratepayers. The Chancellor has failed to tackle reliefs that are currently available, especially to those that benefit from Small Business Rate Relief meaning that the burden of rates is shared unequally across all business properties.
The discussion paper entitled “Transforming Business Rates” recognises that the system has many advantages over other types of tax especially as it continues to raise more than £26bn per annum. It confirms:-
- An intention to introduce permanently lower multipliers for Retail, Hospitality & Leisure properties with a Rateable Value under £500,000 from April 2026. Properties with an RV below £51,000 will benefit from a greater cut to the multiplier.
- An intention to fund the higher multiplier on properties with a Rateable Value greater than £500,000 which includes the majority of large distribution warehouses.
Key areas within the discussion paper include:-
- Tackling avoidance /evasion – it will consider whether the current empty rate rules are effective. It will publish a consultation on the adoption of a “general anti-avoidance rule” for business rates in England. Both may have an impact upon empty rate management although there are no immediate proposals to change the current rules.
- The potential cost and benefits of shortening the gap between the antecedent valuation date and the date on which valuations come into effect.
- Giving greater transparency over valuations, evidence and a streamlined appeals process
- The requirement for “Duty to Inform” will be rolled out in phases from 1 April 2026 and it will be formally activated and mandated for all by 1 April 2029.
- A shortened appeal process comprising a single challenge timeline will be implemented for the 2029 Rating List.
The consultation process will commence immediately and the Government is seeking representations no later than March 2025.
We expected some substantial policy announcements, but the Government seems to have “kicked the can down the road” on many areas of the business rates system which require attention.
Whilst many retailers will be grateful that the Retail, Hospitality & Leisure Relief Scheme has been extended by a further year, they will be disappointed that the current relief has been reduced from 75% to 40% which brings it in line with Wales. Future help for the High Street will be dependent upon the new multiplier applicable to this sector over which ratepayers have no visibility or certainty.
All in all, it is business as usual although we wait to see how the Government will tackle some of the issues affecting the system, particularly reliefs, multipliers and the appeal process.
A summary of changes below.
Current Position | Post Budget | |
---|---|---|
Rate Poundage | RV < £51,000 49.9p RV > £51,000 54.6p | Frozen Expected to be 55.5p |
Small Business Rate Relief * | RV £0-£12,000 – Exempt RV £12,000-£15,000 – Tapered Relief 100% – 0% | No Change |
Transition 2025/26 | RV £20,000 (£28,000 London) – 25% + Inf RV £20,001-£100,000 – 40% + Inf RV £100,000 – 55% + Inf | No Change |
Retail, Hospitality & Leisure Relief * | 75% Relief Cash Cap £110,000 per business | 40% £110,000 cap |
Empty Rate Relief | 3/6 Months Relief 13 week reset period | No Change |
Improvement Relief * | 100% Relief on value of improvements over 12 months | No Change |
Enterprise Zones | New Business – up to £55,000 relief over 5 years | No Change |
Freeports | Free Ports – 100% relief over 5 years | No Change |
Business Rates Relief on private schools abolished from 1 April 2025
*Subject to property or ratepayer qualifying
For more information contact Gareth Buckley.
© Cluttons LLP. 2024. This publication is the sole property of Cluttons LLP and must not be copied, reproduced, or transmitted in any form or by any means, either in whole or in part, without the prior written consent of Cluttons LLP. The information contained in this publication has been obtained from sources generally regarded to be reliable. However, no representation is made, or warranty given, in respect of the accuracy of this information. We would like to be informed of any inaccuracies so that we may correct them. Cluttons LLP does not accept any liability in negligence or otherwise for any loss or damage suffered by any party resulting from reliance on this publication. We strongly recommend that you always seek advice and presentation from a suitable qualified professional on any matter.
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Whilst good connectivity has always been a factor in the property decision-making process (no one wants their streaming to be interrupted by constant buffering), it is becoming increasingly important to home hunters in the UK.A home from home: working from abroad
Has lockdown made you consider working from abroad?Don’t let flooding turn off the lights
It is not only the direct risk of flooding which can impact your home or business, it is also the indirect impact of flooding at critical infrastructure sites that can put you in the dark.Collaboration is key for rent collections
A mountain of some £7bn of uncollected rent has been cited (Remit Consulting, November 2021).8 tips for new landlords
Cluttons’ Tower Bridge and Islington lettings expert, Chris Morris, shares his top tips for those who are thinking of renting out their propertiesA Code of Practice for Property Flood Resilience
Property Flood Resilience (PFR) is a key response to reducing the costs of repair, recovery time and reoccupation of buildings and thus reducing the misery and disruption caused to people and businesses affected by flooding.London residential: what’s happening on the ground?
2020 has been a roller coaster ride for the UK economy and residential property markets. When the March lockdown and a temporary shutdown of the housing market was announced, predictions were catastrophic.London residential: what’s happening on the ground?
2020 has been a roller coaster ride for the UK economy and residential property markets. When the March lockdown and a temporary shutdown of the housing market was announced, predictions were catastrophic. However, changes in consumer behaviour and Government incentives have contributed to a surprising bounce back for some markets.Flood – payout – reinstate
Our flooding specialist and contributor to the new Code of Practice for Property Flood Resilience, Ian Paton, discusses the benefits of flood prevention schemes.6 tips for selling your property quickly in the current climate
Do you want to be in your new home by Christmas or the New Year? James Hyman, head of residential sales at Cluttons, gives his advice to sellers wanting to speed up the sales process of their property.Property of the month: peek inside this five storey riverfront house for sale in Rotherhithe for £1.75m
Join us as we peek inside a charming riverfront home in Rotherhithe Village, with extensive outside spaces and inimitable views of the Thames and some of London’s most famous landmarks.Bankside buzz is drawing in investors
Bankside has it all – a central location, growing transport links, a lively cultural scene and a burgeoning reputation as a business hub, making it a safe bet when investing in property.Royal-tea: tour Queen Elizabeth’s 1949 Maltese home from the comfort of your couch
Cluttons’ Maltese associate partner, Dhalia, has collaborated with Heritage Malta to grant exclusive access to some of the country’s most awe-inspiring locations.Planning reform: A Guide to changes to the Use Classes Order in England
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Etiam feugiat quam ipsum, et ullamcorper tellus fringilla acorem ipsum dolor sit amet, consectetur.Stamp duty holiday: 5 properties under £500,000
In early July Chancellor Rishi Sunak announced that the Stamp Duty threshold would be temporarily raised to £500,000 when purchasing residential property in England and Northern Ireland.Landlords and Tenants: The impact of the Coronavirus Act
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Etiam feugiat quam ipsum, et ullamcorper tellus fringilla acorem ipsum dolor sit amet, consectetur.New permitted development rights for homeowners to build upwards
Changes in permitted development rights announced by the government will allow upward extension on purpose-built residential buildings to create new homes without the need for planning permission.Flood risk surveys: how to get the most out of a property flood assessment
We have teamed up with FloodFlash to help commercial property owners know how to set up a flood risk analysis so they can prepare for flooding better.Budget 2020: new flood defence funding is a drop in the ocean
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Etiam feugiat quam ipsum, et ullamcorper tellus fringilla acorem ipsum dolor sit amet, consectetur.Are we prepared for the impacts of climate change on flooding in the UK?
At the end of last year, The Environment Agency shared that 5.2 million homes and businesses across England are at risk of flooding, that’s one in every six properties.Flooding – prevention is better than cure
February has already seen two storms battering the British Isles, with homes and businesses counting the cost of high winds and months’ worth of rain. Now we have Storm Jorge on the way.Cluttons builds commercial valuations team with three senior hires
Cluttons has hired industry experts Jonathan Rhodes, Paul Watling and Philip Cazenove to enhance and grow its already well-established valuation proposition.Cluttons bolsters business development team to support growth plans
Cluttons has bolstered its business development team with two new hires who will help support Cluttons’ experts across sectors such as telecoms, infrastructure and not for profit, as well as driving its new business aspirations as part of the growth strategy.Cluttons welcomes Ofcom’s plans to accelerate fibre rollout
Charles Thomas, head of fibre networks at Cluttons, the property consultancy and market leading adviser to the largest mobile operators and fixed-line providers, said:Cluttons hires new head of portfolio and lettings management
Cluttons has hired Eve Larard-Tansley has head of portfolio and lettings management.Cluttons hires development and planning head
Cluttons has hired Steve Cooper as head of development and planning with a remit to grow this area of expertise as part of the business’s strategic plan.Victoria Martin proves resi is relevant at EG’s Future Female Leaders
Twelve women who work across property joined forces with EG and Ginger Public Speaking as part of the Future Female Leaders programme.Cluttons expands its property management team with new hire
Cluttons, the property consultancy, has appointed Claire Collins as head of block management, further strengthening its London-based property management team.Cluttons advises elderly care provider Whiteley Homes Trust on multi-phase development
Cluttons, the property consultancy, is advising leading elderly care provider, Whiteley Homes Trust, on their development programme at Whiteley Village in Weybridge, Surrey.Cluttons advises Alzheimer’s Society on new office space and wellness
Cluttons, the property consultancy, has advised Alzheimer’s Society, the leading care and research charity for people with dementia, on the development of office space in Birmingham as part of its move to regional hubs across the UK.Cluttons partners with the Institute of Legacy Management
Cluttons partners with the Institute of Legacy Management to discuss effective property asset management strategies.Cluttons advises London City Mission on property estate
Cluttons has been appointed by London City Mission, a Christian charity dedicated to serving churches and working with people in London who are living in poverty or on the margins of society, to review and realign its property portfolio in the capital.Cluttons builds its outer London agency focus with two new hires
Cluttons is building its outer London agency focus with the appointment of two senior hires.Creating property strategies to enhance your charity’s mission
Recently, a group of experts convened to discuss the role of property in charities’ long-term strategies.Cluttons boosts lease advisory offer with new hire
dvisory and compulsory purchase to further boost its offer in this area.Cluttons welcomes PM’s commitment to connectivity – but there are significant challenges ahead
Cluttons, the property consultancy and market leading adviser to the largest mobile operators and fixed-line providers, welcomes Boris Johnson’s commitment to making connectivity one of his top five priorities.A well connected workplace is a win win
In an age where good connectivity has become more important to occupiers than transport links and amenities, digital infrastructure is now a key factor in the decision making process when it comes to taking on a new office space.Why wellness is here to stay
The topic of wellbeing in the workplace has been on the agenda for some time and shows no sign of abating.Digital infrastructure is key to unlocking performance
In a wide-ranging discussion at today’s London Real Estate Forum, a distinguished panel of experts explored how London’s digital infrastructure is being improved so that it can effectively compete on the global stage.City of Westminster – changing with the times
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Etiam feugiat quam ipsum, et ullamcorper tellus fringilla acorem ipsum dolor sit amet, consectetur.New report links good connectivity and financial returns for commercial landlords
connectivity of their buildings, according to Cluttons’ annual connectivity report in partnership with YouGov launched today.Charity property strategies are evolving – here’s why
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Etiam feugiat quam ipsum, et ullamcorper tellus fringilla acorem ipsum dolor sit amet, consectetur.Cluttons market leaders in unique homes
The award-winning team at Cluttons explains why they are market leaders in finding the right buyer for spaces with a story to tell.Flood defence – a watertight investment
On 9 May 2019, BBC News published an article on climate change and how flood planners across the country ‘must prepare for the worst’.Cluttons joins European Valuers’ Alliance
Cluttons has joined a European Valuers’ Alliance, a network which combines the expertise of market-leading valuation companies across 10 European countries.