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Chancellor Rachel Reeves announces changes to business rates
The Scotsman
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30/10/2024
Chancellor Rachel Reeves announces changes to business rates
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00:00
Let us now turn to our high street businesses. I know for them a major source of concern
00:07
is business rates. From 2026-27, we intend to introduce two permanently lower tax rates
00:14
for retail, hospitality and leisure properties, which make up the backbone of our high streets
00:19
across the country. It is our intention that it is paid for by a higher multiplier for
00:26
the most valuable properties. But the previous Government created a cliff edge next year
00:31
as temporary reliefs end. So I will today provide 40% relief on business rates for the
00:37
retail, hospitality and leisure industry in 2025-26, up to a cap of £110,000 per business.
00:47
Alongside this, the small business tax multiplier will be frozen next year.
00:52
Next, I can confirm that alcohol duty rates on non-draft products will increase in line
00:59
with RPI from February next year. But nearly two-thirds of alcoholic drinks sold in pubs
01:05
are served on draft. So today, instead of uprating these products in line with inflation,
01:11
I am cutting draft duty by 1.7%, which means a penny off the pints in the pub.
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