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To ask the Chancellor of the Exchequer, what recent assessment he has made of the (a) feasibility and (b) potential merits of extending the retail, hospitality and leisure business rates relief scheme beyond 31 March 2024 for businesses in business improvement districts.
To ask the Chancellor of the Exchequer, what recent assessment he has made of the (a) feasibility and (b) potential merits of extending the retail, hospitality and leisure business rates relief scheme beyond 31 March 2024 for businesses in business improvement districts.
The 2023-2024 Retail, Hospitality and Leisure (RHL) Business Rates Relief scheme provides eligible, occupied, retail, hospitality and leisure properties with a 75 per cent relief, up to a cash cap limit of £110,000 per business. This was an expansion from the 50 per cent rate in 2022-2023. Currently, around 230,000 properties are eligible for this relief, representing a tax cut worth over £2 billion.
Businesses may also benefit from other business rates measures, including the multiplier freeze, and the Supporting Small Business scheme, which caps bill increases at £600 per year for businesses losing some or all of their eligibility for Small Business or Rural Rate Relief due to the recent revaluation.
Any future announcements regarding business rates relief will be made at a fiscal event.
To ask the Chancellor of the Exchequer, how much Social Investment Tax Relief was claimed by investors of Social Impact Bonds in each successive tax year since that relief was introduced.
To ask the Chancellor of the Exchequer, how much Social Investment Tax Relief was claimed by investors of Social Impact Bonds in each successive tax year since that relief was introduced.
Tax Year | Amount raised by SITR enterprises (£ million) |
2014-15 | 0.5 |
2015-16 | 2.3 |
2016-17 | 2.5 |
2017-18 | 2.5 |
2018-19 [p] | 4.7 |
2019-20 [p] | 3.3 |
Total | 15.8 |
HMRC’s National Statistics on SITR can be found at the following link: https://www.gov.uk/government/statistics/enterprise-investment-scheme-seed-enterprise-investment-scheme-and-social-investment-tax-relief-may-2021
To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of extending the criteria for business rates relief for empty properties beyond three months when there has been a change of ownership.
To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of extending the criteria for business rates relief for empty properties beyond three months when there has been a change of ownership.
The Government maintains an Empty Property Relief (EPR) to support property owners between the reoccupation of vacated premises. The current structure of EPR strikes a balance between not penalising landlords who lose a tenant at short notice, while incentivising property owners and landlords to secure new tenants.
The fundamental review of business rates is considering all parts of the business rates system, including reliefs and any eligibility criteria.