The Treasury has published the outcome of its consultation on business rates. In its final report the Treasury makes the following commitments:
temporary 50% relief (up to a cap of £110,000) per business for eligible retail, hospitality and leisure businesses in England for 2022/23;
freezing the multiplier for 2022/23;
a new 100% ‘improvement relief’ (for 12 months) where improvements increase the rateable value of the property;
exemptions for green investment, including eligible green plant and machinery such as solar panels, wind turbines and battery storage used with renewables and electric vehicle charging points (from 2023 to 2035), as well as a 100% relief for low-carbon heat networks that have their own rates bill;
moving to three-yearly revaluations from 2023; and
extending the transitional relief and the supporting small business scheme for 2022/23 to protect small businesses from significant bill increases on the final year of the current revaluation cycle.
The Treasury has published the outcome of its consultation on business rates. In its final report the Treasury makes the following commitments:
temporary 50% relief (up to a cap of £110,000) per business for eligible retail, hospitality and leisure businesses in England for 2022/23;
freezing the multiplier for 2022/23;
a new 100% ‘improvement relief’ (for 12 months) where improvements increase the rateable value of the property;
exemptions for green investment, including eligible green plant and machinery such as solar panels, wind turbines and battery storage used with renewables and electric vehicle charging points (from 2023 to 2035), as well as a 100% relief for low-carbon heat networks that have their own rates bill;
moving to three-yearly revaluations from 2023; and
extending the transitional relief and the supporting small business scheme for 2022/23 to protect small businesses from significant bill increases on the final year of the current revaluation cycle.
