Autumn Budget Update
Business Rates received significant attention in Wednesday’s Budget/Spending Review.
At the moment these changes are England only, as Rates are a devolved issue;
- The 2023 Revaluation is confirmed.
- 2021/22 poundage or UBR is frozen for 2022/23.
- For 2022/23 retail property will get 50% discount, but this is subject to a total discount nationally for a business not to exceed £110k, so businesses with multiple qualifying properties have to share one amount of £110k between them all. A similar discount of £105k applied this year, so in some ways this isn’t totally new money.
A number of 2023 changes are planned, regarding exemptions for improvements, green retrofits and changes to CCA appeal rules, but there is going to be a technical consultation for the rules to be applied to each of those. These will form a further update as we hear more.