Business rates changes from 2023 to 2024

The business rates multipliers will be frozen at 49.9 pence and 51.2 pence.   

Upwards Transitional Relief will support properties by capping bill increases caused by changes in rateable values at the 2023 revaluation. The ‘upward caps’ will be 5%, 15% and 30%, respectively, for small, medium, and large properties in 2023-24, and will be applied before any other reliefs or supplements.   

Support for eligible retail, hospitality, and leisure businesses is being extended and increased from 50% to 75% business rates relief up to £110,000 per business in 2023 to 2024.   

Bill increases for the smallest businesses losing eligibility or seeing reductions in Small Business Rates Relief (SBRR) will be capped at £600 per year from 1 April 2023. This means no small business losing eligibility for SBRR see a bill increase of more than £50 per month in 2023 to 2024.   

This is a new relief to ensure ratepayers do not see an increase in their rates for 12 months as a result of making qualifying improvements to a property they occupy. This will now be introduced from April 2024. This relief will be available until 2028, at which point the government will review the measure.