Recommendation 110

Business rates are levied on all commercial properties and are the product of each property’s rateable value (assigned based on the annual rent of the property) and the ‘multiplier’ (set by the Government). Following the Non-Domestic Rating Act 2023, a revaluation process will take place every three years. 211 In 2022/23, local authorities retained 62 per cent of business rates which accounted for around a quarter of all council spending. 212