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The British government’s budget, announced today (March 11) by chancellor Rishi Sunak, contains good news for the UK’s small venues.
In order to help ease the economic impact of the ongoing coronavirus outbreak, Sunak said that businesses with a rateable value of below £51,000 will not pay any business rates for the next year.
Sunak claims that the change, which takes effect in April and will last for 12 months, will save businesses £25,000 each.
“In our manifesto last year, the government promised to increase their business rates retail discount by 50 per cent, but we can go further,” the chancellor said. “We are taking the exceptional step of abolishing business rates altogether.”
Business rates, a tax levied on non-domestic properties, have long been a major concern for small and independent venues.
In January, small venues celebrated a major victory following the Government’s decision to reduce their business rates by 50 per cent.
That reduction was the result of a hard-fought campaign by the Music Venue Trust in response to what they called a “prolonged crisis” for independent venues over the last decade, during which 35 per cent of grassroots music venues have closed.
Shortly afterwards, London venue The 100 Club declared itself “permanently saved” after Westminster council granted it unprecedented “special status” that granted 100 per cent business rate relief.
NME will be teaming up with The 100 Club to host a last minute live showcase to support bands that were set to perform at SXSW this week.
Texas music showcase South By South West was cancelled last week – leaving many new bands and rising artists out of pocket. Now, NME can confirm an alternate London pop up show on Sunday March 22.
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