The relief, which was due to end in April 2023, has been extended and increased from 50% to 75% up to £110,000 per business.
Additionally, Hunt detailed the business rates support package, worth £13.6bn, would also include freezing the business rates multiplier for another year (2023-2024) to protect businesses from inflation.
Thousands will benefit
The freeze will keep the small business multiplier and standard multiplier at 49.9p and 51.2p respectively, rather than rising to 52.9p and 54.2p, saving ratepayers £9.3bn over the next five years.
Addressing the house of commons, Hunt said: “Nearly two thirds of properties will not pay a penny more next year, and thousands of pubs, restaurants and small high street shops will benefit.”
Furthermore, while the Chancellor confirmed the Government would proceed with the revaluation of business properties from April 2023, a £1.6bn scheme to cap bill increases for those who could see higher bills as a result would be implemented.
The Government will also reform transitional relief, ensuring those seeing lower bills due to the revaluation benefit in full straight away by abolishing downwards transitional relief caps as well as applying a more a Supporting Small Business Scheme worth more than £500m.
Outdated system
However, UKHospitality (UKH) chief executive Kate Nicholls said the Chancellor had painted a “grim picture” of the “economic turmoil” faced by hospitality businesses.
She added: “I’m pleased the Chancellor has listened to the vast majority of UK’s proposals on business rates, covering a freeze in the multiplier, extended reliefs and no downward transition.
“This means those seeing their valuations decrease will see the benefit in their bills immediately, at the same time as increases are capped.
“However, it remains the case the current system is outdated and not fit-for-purpose. The Government made a manifesto commitment of root and branch review and it’s essential this is delivered as soon as possible.”