In addition to the tax rises and spending cuts, the Chancellor made mention of a package of measures to support businesses in England, worth an estimated £13.6 billion over the next five years.
In relation to 2023/24 business rates the Chancellor announced:
- A 2023/24 Retail, Hospitality and Leisure (RHL) rate relief scheme increasing the current relief from 50% to 75% in 2023-24, up to £110k per business
- Freezing the business rates multipliers at 49.9p (small business multiplier) and 51.2p (standard multiplier)
- A new Supporting Small Business (SSB) relief scheme to ensure no small business faces a bill increase greater than £50 per month for 2023-24 as a result of losing eligibility for Small Business Rate Relief or Rural Rate Relief
- An Exchequer funded Transitional Relief scheme to limit bill increases caused by changes in rateable values
These changes will have effect from 1 April 2023 and we will supply more details as we get them.
You can also find more details, issued by the Government on each topic as follows: