Non-domestic Rates: Retail Trade

(asked on 3rd September 2019) - View Source

Question to the HM Treasury:

To ask Her Majesty's Government what plans they have to reduce the 25 per cent contribution that the retail sector currently makes to business rates receipts.


Answered by
Earl of Courtown Portrait
Earl of Courtown
Captain of the Queen's Bodyguard of the Yeomen of the Guard (HM Household) (Deputy Chief Whip, House of Lords)
This question was answered on 9th September 2019

The Government has taken repeated action to reduce the burden of business rates for all ratepayers including retailers. The Government’s Plan for the High Street announced at Budget 2018 provides £1 billion of upfront support through a new retail discount, cutting retailers’ business rates bills by a third for two years from 1 April 2019 subject to eligibility.

Reforms and reliefs announced since Budget 2016 are reducing business rates by more than £13 billion over the next five years. This includes switching from RPI to CPI indexation, increasing the threshold for the standard multiplier to £51,000 and doubling the threshold for Small Business Rate Relief, meaning 675,000 of the smallest businesses pay no business rates at all.

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