Happy New Year!
We know how important it is to be able to forecast and plan for times ahead so we've put together a quick summary of what has been announced in the world of business rates for the year 2024.
The 2024/25 multipliers
In the Autumn statement, the Chancellor announced the standard multiplier will rise in line with September's CPI figure from 0.512 to 0.546 and the small business multiplier will be frozen at 0.499.
For more information on what this means, please read our Autumn statement post.
When is this happening? April 2024
Improvement relief
As part of the Non-Domestic Rating Act 2023, a new relief is being implemented from 1st April 2024 which aims to encourage businesses to improve their property without facing an immediate increase to their business rates.
The full regulations have now been published. We appreciate the regulations aren't the easiest to digest, if you have any questions about this relief and how it could affect your business, please get in touch.
When is this happening? April 2024
Greater flexibility with discretionary relief
Historically, any decisions made by local councils regarding discretionary relief would need to be made within 6 months from the end of the subject financial year.
This restriction was lifted from the Royal Assent of the Non-Domestic Rating Act 2023.
However, the full benefits will be seen from September 2024 which would have previously been a deadline for historic applications.
When is this happening? September 2024
Duty to provide information to the Valuation Office Agency
The Government have also announced there will be a duty on ratepayers to disclose any relevant changes to their property or business to the Valuation Office Agency or face penalties.
There is set to be a soft launch to trial this often criticised duty. The date of this soft launch hasn't been announced. The hope is for more information in 2024 to allow for as much refinement as possible before it is enforced on the public as whole.
When is this happening? Possibly 2024
New gateways for the Valuation Office Agency to share information with ratepayers
To balance out the duty on the ratepayers, the Government have stated there will be a new gateway allowing the Valuation Office Agency to share further information with ratepayers. Hopefully, the basis for the headline price of each valuation will be shared with rental data provided.
The expectation is that we will be told more in conjunction with the implementation of the new duty on ratepayers.
When is this happening? Possibly 2024
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