Autumn Statement 2022: Effect on Business Rates
On 17 November 2022 the Government announced several steps to help ratepayers.
- The Multiplier will be frozen for another year to protect businesses from rising inflation. This means the multiplier will remain at £0.499p for Small Businesses and £0.512 as the Standard multiplier.
- The Retail, Hospitality and Leisure scheme will be extended in 2023-24 increasing the relief from 50% to 75% for 2023-24. Previous limits on cash cap and subsidy control remain.
- Transitional Surcharge will be removed for any ratepayers who benefit from a decrease in rates payable due to the 1 April 2023 revaluation. This means that they will experience the full immediate effect of any reduction.
- Transitional Relief will be applied for ratepayers facing an increase in rates payable due to the 1 April 2023 revaluation.
- A new Supporting Small Business relief scheme will be introduced. This is to support small businesses that, due to the revaluation, will lose their entitlement to Small Business Rate Relief. It will cap bill increases at £50 a month (£600 per year)
Harrow Council and its software suppliers are now working to deliver these schemes in your 2023/24 Annual Business Rate bill. However we will not be able to include the Supporting Small Business Relief scheme (see point 5 above) in the initial annual bills in March 2023. This entitlement will be calculated automatically and there is no need for an application to be submitted. You must pay your bill as requested until a new bill is issued which we anticipate will be in April 2023.
The draft revaluation list has now been released and you can check your new rateable value.