A distracting headline hiding the reality of potential upcoming liability increases?

It was announced in the Autumn Budget 2024 that from April 2026 there will be lower multipliers for retail, hospitality and leisure (RH&L) properties, the full details of which will be published at the Autumn Budget 2025 which is currently due to take place on 26 November 2025.

On the face of it these changes look to benefit those RH&L properties who need it most. However, at the same time, the rates relief which these properties have benefitted from since 2020 will likely be removed. Unless there are significant downward movements in Rateable Values as part of the 2026 revaluation, it is likely that the actual amount paid in 2026/27 rates liability will be higher than 2025/26 putting further strain on an already struggling sector.

The multiplier change will likely benefit the larger pub chains who were previously restricted by the cash cap and subsidy limits on RH&L relief, a lower multiplier will mean they will pay less overall.

Unfortunately, it looks like the changes will not benefit those who need it most. We will have further updates on this after the Autumn Budget 2025. In the meantime, if you would like to discuss further, please get in touch with one of our business rates team.