Changes announced in the Autumn Statement 2024

At the Autumn Budget on 30 October, the chancellor announced a package of measures to reform business rates and support the high street.

For 2025/26 the Chancellor announced that:

• The small business multiplier will be frozen at 49.9p.
• The standard multiplier will be uprated in April to 55.5p.
• The 2025/26 Retail, Hospitality and Leisure (RHL) scheme will be extended for one year for 2025/26, retaining the existing eligibility criteria but reducing the level of relief to 40%, up to a cap of £110,000 per business.
• From April 2025, charitable rate relief will no longer be applicable to private schools.

Business rates Improvement relief

You might get improvement relief if you make certain improvements to your property.  If you’re eligible, you’ll get the relief for one year.  It starts from when you complete your improvements.

Any improvements you make must:

• Increase the rateable value of your property
• Be completed on or after 1 April 2024
• They must also either increase the size of your property, or add new features or equipment to your property such as heating, air conditioning or cctv

You must have occupied the property during and after the improvement works to get this relief.  You cannot pass on your improvement relief to anybody else.