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.