"The combined impact of disproportionate, inappropriate, and unjustified rises in the Valuations Office Agency's valuation of properties, and an increased Business Rates multiplier for large event venues, will undermine many of this Government's own priorities. The resulting tax increase for operators completely outweighs any benefits of the transitional relief and lower tax multipliers for lower value properties announced, and will significantly worsen in the years ahead."
"The effects on our sector are chilling: Hundreds of grassroots music venues will close in the coming years as revaluations drive costs up. This will deprive communities of valuable cultural spaces and limit the UK creative sector's potential. These venues are where artists like Ed Sheeran began their career. Ticket prices for consumers attending arena shows will increase as the dramatic rise in arena's tax costs will likely trickle through to ticket prices, undermining the Government's own efforts to combat the cost-of-living crisis."
Changes to the Business Rates system at the Budget will have devastating, unintended consequences for live venues. Disproportionate, inappropriate, and unjustified rises in Valuations Office Agency property valuations, combined with an increased Business Rates multiplier for large event venues, will undermine government priorities. The resulting tax increase for operators outweighs transitional relief and lower multipliers for lower-value properties and will worsen in coming years. Hundreds of grassroots music venues will close as revaluations drive costs up, depriving communities of cultural spaces and limiting the UK creative sector's potential. Rising arena tax costs will likely push up ticket prices and threaten smaller arenas.
Read at London Business News | Londonlovesbusiness.com
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