For the first time, government proposals to overhaul business rates will include rates for grassroots music venues.
Among a raft of other legislative proposals in the Queen's Speech, Prime Minister Boris Johnson’s new government unveiled that it will conduct a fundamental review of business rates.
The shake up will see the retail discount increased from one-third to 50 per cent, extending that discount to cinemas and music venues for the first time. The policy was a feature of the Conservative election campaign as part of its plan to boost towns and high streets, which means that music retail could also benefit from the tax break.
Music Venue Trust and UK Music have been fighting to end discrimination against music venues, which has blocked them from enjoying the same rate cut as other businesses like pubs and clubs, with some venues enduring business rate hikes of up to 600 percent, which has left many struggling to survive.
UK Music's CEO, Michael Dugher says:
This is a huge victory for common sense and, most importantly, for music venues who will welcome this early Christmas present. Cutting business rates for music venues cannot happen soon enough. This change will prove a vital lifeline for venues that are at the heart of many communities.
UK Music has been relentless in pushing the Government for this change and we’re delighted that there will be a level playing field for music venues. We welcome the Government’s proposals for more frequent revaluations to ensure business rates bills are more up-to-date and reflect the current rental value of a property.
Visit UK Music website for more.