England
At the Autumn Budget 2023, the chancellor confirmed that the small business rates multiplier (for rateable values under 51,000) would be frozen for the 2024-25 tax year. The standard multiplier (for rateables 51,000 and higher) has risen to 0.546 following September’s CPI inflation figure of 6.7%.
This will be welcomed with open arms by small businesses, but not so much by large businesses that are not entitled to any other reliefs, such as hospitality and retail.
Empty properties will also face the burden of the increase, as empty properties are calculated using the standard multiplier, regardless of what rateable value it is.
Wales
Wales currently only has one multiplier. The cabinet statement in December confirmed that this is going to increase from 1st April 2024 to 0.562. The Welsh government made the decision to cap the inflation at 5% which will benefit any ratepayers that will not be entitled to full rates relief.
Scotland
Scotland, like England, has also decided to freeze their basic property rate to 0.498. This affects anyone who has a rateable value of £51,000 and under. Inflationary increases have taken effect of intermediate and higher multipliers. Rising to 0.545 and 0.559. The Intermediate multiplier is based on properties between £51,001 and £100,000 and the large multiplier is £100,001 and over.
