Question to the HM Treasury:

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.

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.