Film: Business Rates
The question
To ask the Chancellor of the Exchequer, what the forecast gross cost is of film studio business rate relief in (a) 2024-25, (b) 2025-26 and (c) 2026-27.
Answered by James Murray
At Autumn Budget 2024, the Government announced that it intends to introduce permanently lower tax rates for retail, hospitality, and leisure (RHL) properties, with rateable values below £500,000, from 2026-27. This permanent tax cut will ensure that they benefit from much-needed certainty and support. The Government intends to fund this by introducing a higher multiplier on all properties, including film studios, with a rateable value (RV) of £500,000 and above.
The Government has announced that it is proceeding with 40 per cent relief for eligible film studios in England on their gross business rates bills until March 2034. The costing was published at Spring Budget 2024 - .
Business rates bills are calculated by applying the relevant multiplier first and so film studios will receive 40 per cent relief on their total liability.
The Government will confirm the rates for the new multipliers at Budget 2025.
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