Chancellor Jeremy Hunt has today announced additional support for businesses ahead of the Business Rates revaluation in April 2023.

The Rating revaluation, which the Chancellor confirmed will go ahead as planned, will see many businesses face a change to their rates bills. However, according to Hunt in today’s Autumn Statement, two thirds of properties will not see an increase next year.

Hunt announced £13.6 billion of support for businesses over the next five years. That includes a new transitional relief scheme benefitting 700,000 business, including scrapping downward caps, freezing the multipliers and increasing relief for the retail, leisure and hospitality sector.

Based on the market value of commercial property in 2021, the impact the revaluation will have on business owners will differ largely depending on which sector they operate in.

For further information on the 2023 Business Rates Revaluation or to contact one of our Rating experts.