Music Venues: Business Rates
The question
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the reduction in business rate relief on grassroots music venues with a rateable value of over £500,000.
Answered by Dan Tomlinson
As set out at Autumn Budget 2024, the Government will introduce permanently lower tax rates for retail, hospitality, and leisure (RHL) properties with rateable values (RVs) below £500,000, including grassroots music venues, from 2026-27. This permanent tax cut will ensure they benefit from much-needed certainty and support.
The Government is sustainably funding this by introducing a higher multiplier on properties with RVs of £500,000 and above. When the new multipliers are set, HM Treasury intends to publish analysis of the effects of the new multiplier arrangements.
The Government has met with a wide range of stakeholders on business rates reform. The Transforming Business Rates: Interim Report, published on 11 September, brings together extensive feedback from a broad range of stakeholders and outlines the Government’s next steps to deliver a fairer business rates system that supports investment and is fit for the 21st century.
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