£7 million in new premises taxes places over 350 grassroots music venues at immediate risk of closure.
Despite extensive briefing to HM Treasury, Department of Culture, Media and Sport
and Department for Business and Trade about the negative economic, social and cultural impacts of the removal of the 75% business rate relief for Grassroots Music Venues, the Government has today announced that business rate relief will reduce to 40% from April 1st, 2025. The immediate impact is to create a demand for £7 million in additional premises taxes from a sector that, in 2023, returned an entire gross profit across all 830 such venues in the UK of just £2.9 million. 43% of Grassroots Music Venues in the UK made a loss in 2023.
and Department for Business and Trade about the negative economic, social and cultural impacts of the removal of the 75% business rate relief for Grassroots Music Venues, the Government has today announced that business rate relief will reduce to 40% from April 1st, 2025. The immediate impact is to create a demand for £7 million in additional premises taxes from a sector that, in 2023, returned an entire gross profit across all 830 such venues in the UK of just £2.9 million. 43% of Grassroots Music Venues in the UK made a loss in 2023.
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