Significant business rates savings for hospitality, retail and leisure

Gerry Biddle, business rates lead at Deloitte, comments on the business rates announcements in the Autumn Statement: 

“The Chancellor’s package of benefits for business rate payers was surprisingly generous, amounting to savings of £14 billion over next five years. 

“Hospitality, leisure and retail businesses will benefit from a further freeze of the current 50 per cent relief before it increases to 75 per cent with effect from 1 April 2023. It will be available for 12 months, capped at £110,000 relief per business. A typical retailer occupying a unit of £60,000 rateable value will save £7,500 in the 12 months from 1 April 2023. 

“The Chancellor also confirmed that the 2023 business rates revaluation will go ahead, with every commercial property due to have a new rateable value based on values as of 1 April 2021 next year. However, there will also be a new transitional relief scheme, which phases in the effect of revaluation, reducing the total bill businesses would otherwise have faced.” 

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Deloitte spokespeople

Deloitte has a range of spokespeople available to comment on today’s Autumn Statement. They can be reached on 020 7007 3333 or 0207 303 5054 or one of the following numbers:

• Debapratim De - senior economist (07884 765916)

• Amanda Tickel - head of tax policy (07920 270 964)

• Rachel McEleney - personal tax (07826 891 752)

• Alison Lobb - corporate tax (07768 178264)

• James Warwick - employment tax (07855 399368/07436055437)

• Gareth Pritchard - indirect tax (07824895798)

• Gerry Biddle - business rates (07855 399 368)

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