Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make it her policy to increase £500,000 threshold for the new surcharge on business rates in line with the increase in aggregate rateable values from the 2026 business rates revaluation.

As announced at Autumn Budget 2024, the Government intends to introduce a higher business rates multiplier for all properties with a rateable value (RV) of £500,000 or above in April 2026 to fund permanently lower multipliers for retail, hospitality and leisure properties with RVs below £500,000.

The final details of the higher multiplier will be announced at Autumn Budget 2025 in light of the outcomes of the 2026 revaluation, which is currently ongoing.