WHITEHALL

Autumn Statement: Business rates measures to be fully funded

Plans to extend business rates relief will be fully funded for local authorities, the small print of the Autumn Statement has confirmed.

Plans to extend business rates relief will be fully funded for local authorities, the small print of the Autumn Statement has confirmed.

Chancellor Jeremey Hunt extended business rate relief further, following on from moves instigated during the pandemic, when he announced his plans to Parliament today.

The business rate support package, worth £4.3bn over the next five years, will include a rollover of 75% Retail, Hospitality and leisure relief and a freeze to the small business rate multiplier.

According to chancellor Jeremy Hunt, the move will protect 90% of ratepayers for a fourth year.

The Autumn Statement documentation confirms changes will take effect from 1 April. It said: ‘English Local Authorities will be fully compensated for the loss of income as a result of these business rates measures and will receive new burdens funding for administrative and IT costs.'

WHITEHALL

Budget: Chancellor promises to permanently lower business rates

By Ann McGauran | 30 October 2024

The chancellor prioritised delivering permanently lower business rates from 2026/27 in the Budget by lowering multipliers for retail, hospitality and leisur...

WHITEHALL

'Challenge' of futureproofing Towns Fund projects

By Martin Ford | 25 October 2024

Councils face challenges in covering the mounting costs to maintain Towns Fund projects, a Government report has found.

WHITEHALL

Doing business rates differently

By Mark Sandford | 04 September 2024

Kevin Muldoon-Smith and Mark Sandford examine potential options for changes to business rates, ranging from modest or major changes to introducing a new tax

Heather Jameson

Popular articles by Heather Jameson