The Department for Levelling Up, Housing and Communities has published forecasts for business rates income in England for the 2022-23 financial year based on estimates from local authorities.
In total, it says that authorities are estimating income of £22.5bn for 2022-23. This is after all reliefs, accounting adjustments and sums retained outside the rates retention scheme are taken into consideration.
Local authorities estimate they will grant a total of £7.6bn of relief from business rates in 2022-23. Of this, £1.5bn is the net cost of small business rate relief, £3.2bn is for other mandatory relief and £2.8bn is for discretionary relief.
Data are based on returns received from all 309 billing authorities in England. Figures are not comparable to the previous year’s data because it would be inappropriate due to the exceptional business rates reliefs announced in response to the Covid-19 pandemic that were in place in 2020-21 and 2021-22.
The figure for business rate income in 2019-2020 was £25.3bn.
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