12 Autumn Budget | 30 October 2024 Business rates Eligible retail, hospitality and leisure (RHL) properties in England will receive 40% relief on their business rates liability for 2025/26 up to a cash cap for a business of £110,000. The small business multiplier in England will be frozen at 49.9p. The standard multiplier will be uprated by the September 2024 CPI rate to 55.5p. RHL properties will enjoy permanently lower multipliers from 2026/27 paid for by a higher multiplier for properties with rateable values above £500,000. Further changes to business rates and business rates valuations are under discussion. Private schools in England will no longer be eligible for charitable rate relief from April 2025, as previously announced. Private schools that are ‘wholly or mainly’ concerned with providing full-time education to pupils with an education, health and care plan will remain eligible for VAT relief. Cultural tax reliefs The rates of theatre tax relief, orchestra tax relief and museums and galleries exhibitions VAT relief will be set at 40% for nontouring productions, and at 45% for touring productions and all orchestra productions from 1 April 2025, as already legislated. Film tax credit From April 2025, and as already legislated, UK films with budgets under £15 million and a UK lead writer or director will be able to claim an enhanced 53% rate of audio-visual expenditure credit, known as the independent film tax credit. Expenditure is eligible if it is incurred after 1 April 2024 on films that began principal photography on or after 1 April 2024. Freeports and investment zones The freeports and investment zones programmes will continue, including approval of the East Midlands investment zone to support advanced manufacturing and green industries, and the designation of five new customs sites in existing freeports. Reserved investor fund The government will proceed with the introduction of the reserved investor fund (contractual scheme).
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