The business rates multipliers will be frozen in 2023-24 at 49.9p (small business multiplier) and 51.2p (standard multiplier).
Transitional Relief Scheme
Transitional Relief will support properties by capping bill increases caused by changes in rateable values at the 2023 revaluation. The “upward caps” will be 5%, 15% and 30% respectively for small properties (RV up to £20,000), medium properties (RV between £20,001 and £100,000) and large properties (RV greater than £100,000) in 2023-24 and will be applied before any other reliefs or supplements. Properties with reductions in rateable values at the 2023 revaluation will see the full benefit of that reduction in their new business rates bill from 1 April 2023.
Retail, Hospitality and Leisure Relief
From 1 April 2023 to 31 March 2024, eligible ratepayers occupying retail, hospitality and leisure properties will receive 75% relief on their business rates bills. In line with the conditions set by the government, a ratepayer may only claim up to £110,000 of support under the 2023/24 Retail, Hospitality and Leisure Relief Scheme for all of their eligible hereditaments.
Supporting Small Business Scheme (SSBS)
Bill increases for the smallest businesses losing eligibility or seeing reductions in Small Business Rate Relief or Rural Rate Relief will be capped at £600 per year from 1 April 2023.
Government Explanatory Notes
Government Explanatory Notes 2023/24