The Chancellor announced to cut business rates for a further year. Over 90% of retail, hospitality and leisure businesses in England will be eligible for the temporary business rates relief in 2022-23 receiving at least 50% discount, up to a £110,000 per business cap. From 1 April 2022 until 31 March 2023 the government will freeze the business rates multiplier effectively reducing the bills by 3%; a tax cut worth £4.6bn.
Starting in 2023, the frequency of business rates revaluations will change to every 3 years instead of every 5 years. Tenants with higher bills, between 1 April 2023 and 31 March 2028, will receive 100% relief when making qualifying improvements to a property they occupy.
In addition, the government, to support the decarbonisation of non-residential properties, will introduce exemptions for eligible plants and machinery used in onsite renewable energy generation and storage, and a 100% relief for eligible heat networks. This exemption is expected to cover a longer period from 1 April 2023 until 31 March 2035.