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.’