Pubs and music venues to see business rates cut by 15%, says Treasury
Pubs and music venues will get 15% off their business rates bills from April as part of a major support package, the Treasury has announced.
It comes after warnings from the sector that changes from November’s autumn Budget would lead to mass closures and job losses. Treasury minister Dan Tomlinson said the property tax bills in England will then be “frozen in real terms” for the next two years. He added that the support will be worth £1,650 for the average pub next year. The Treasury’s intervention comes after an intensifying backlash from industry bosses and MPs over impending tax increases. In the budget, the Treasury announced changes to business rates which introduced a lower multiplier used to calculate the commercial property tax. However, this was more than offset by the removal of a Covid-era 40% discount to business rates bills for hospitality, leisure and retail businesses, as well as new property valuations. Industry groups had warned that pubs in England are set to face a 76%, or £7,000, increase in their business rates bills in the next three years as a result. Business rates are devolved in Scotland, Wales and Northern Ireland.
Published: by Radio NewsHub