The threshold for Small Business Rates Relief (SBRR) is being increased to £18,000 to support high streets, the Chancellor has announced.
In his Autumn Budget speech today, the Chancellor of the Exchequer, John Healey, confirmed that roughly 70,000 more high street businesses are to be taken out of business rates.
This will take place through an increase of the thresholds from £12,000 to £18,000 for 100% relief, and from £15,000 to £21,000 for tapered relief for qualifying retail, hospitality, and leisure (RHL) properties from April next year.
A real-terms freeze of business rates bills for qualifying RHL properties is also being delivered in 2027-28 and 2028-29, giving businesses more confidence to ‘plan, invest and protect jobs’.
This will see that half of all RHL properties across England will not pay business rates altogether, while roughly 110,000 will see a decrease in their bills next year.
The Chancellor also revealed that a £10m alcohol duty relief is to be provided for around 2000 small British brewers and cider makers, with further announcements being made about plans to increase taxes on gambling and carve adult gaming centres and vape shops out of business rates relief.
