Department for Business and Trade written question – answered at on 28 November 2024.
Lord Taylor of Warwick
Non-affiliated
To ask His Majesty's Government what support they are providing to the hospitality industry following the rise in national insurance announced in the Autumn Budget.
Baroness Jones of Whitchurch
Parliamentary Under Secretary of State (Department for Science, Innovation and Technology), Parliamentary Under Secretary of State (Department for Business and Trade), Baroness in Waiting (HM Household) (Whip)
The Government is creating a fairer business rate system by introducing permanently lower tax rates for retail, hospitality, and leisure businesses from 2026-27 and extending the current relief for 1 year at 40%. From 2026-27 the Government intends to introduce permanently lower tax rates for retail, hospitality and leisure properties with rateable values less than £500,000, which will be funded by the introduction of a Large Business Multiplier from 2026-27 on properties with a rateable value of £500,000 and above (less than 1% of all properties.)
The Government recognises the need to protect the smallest employers which is why we have more than doubled the Employment Allowance to £10,500, meaning more than half of businesses with NICs liabilities either gain or see no change next year. Businesses will still be able to claim employer NICs reliefs including those for under 21s and under 25 apprentices, where eligible. We will transform the apprenticeship levy into a more flexible growth and skills levy to support business and boost opportunity.
We are working further with the Hospitality Sector Council to address other strategic issues such as high street regeneration, skills, sustainability, and productivity.
Yes3 people think so
No1 person thinks not
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