The plan is to introduce permanently lower business rates multipliers for high street retail, hospitality and leisure properties (RHL) from 2026-27. To make sure this tax cut is fiscally sustainable, the government intends to fund it through a higher multiplier for the most valuable properties.

Caroline Fleet, head of real estate at Crowe said: ‘Business rates still remains unfit for purposes – the Chancellor has today announced extended reliefs for retail and hospitality businesses (capped at £110k per business), but this does not alter the fundamentals and the wider reform needed.

‘For residential transactions which are subject to additional dwellings surcharge, there is a 2% increase in the rate from tomorrow.  This means that the top rate of SDLT is now 19% and the gap from non-residential rates is now 14%.  Establishing the exact nature of the transaction has become even more important.’