Following on from the headlines we covered in yesterday’s blog, here is our summary of the Autumn Statement 2022.
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:
Terms of Reference for the review of the Energy Bill Relief Scheme
Business rates revaluation 2023
Energy Profit Levy and the Electricity Generator Tax
Cost of living support factsheet
Autumn Statement from the Treasury