Yes, and that's the new rateable value. It is not what a business pays in tax.
Look at the case study 2 in the link that would be close to this - RVs from £20,000 £28,000 in London) to £100,000.
www.gov.uk/government/publications/budget-2025-retail-hospitality-and-leisure-factsheet/budget-2025-retail-hospitality-and-leisure-factsheet
This is how I interpret the transitional relief, applying the factors in case study 2.
In 2025/26, for an independent pub with a rateable value of £26,000, the business rates liability was calculated by multiplying the rateable value by the multiplier of 49.9p, andthen deducting the 40% RHL relief.
Before the RHL relief, the pub’s bill would be £26,000 x 0.499 =£12,974
RHL relief 40% of £12,984 would be £5,190 making a net bill of £7,784.
The rateable value will increase to £63.500.
The pub is eligible for the new permanently lower standard RHL multiplier of43p in 2026/27, so before any reliefs, the pub’s bill would be £63,000 x 0.43= £27,090.
The Government is providing relief through the Supporting Small Business scheme for properties losing their RHL relief in 2026/27.This means that the pub’s bill increase in 2026/27 compared to 2025/26 is capped at the higher of £800 or the relevant Transitional Relief capof, in this case,30%.
30% of the 2025/26 bill of £7,784 is £2,225, which is higher than the £800 cap. So,in this case the 30% cap applies. The pub’s bill from April 2026 will be £7,784 + £2,335 = £10,119.
In other words, the rise will be capped at £2,335 or £45 a week.