Question to the HM Treasury:

To ask His Majesty's Government whether recording and visual arts studios will be included within the forthcoming business rates revaluation process; if so, how; and when this will be implemented.

The Valuation Office Agency independently value all non-domestic properties, including recording and visual arts studios, every three years at a revaluation.

We are reforming the business rates system by introducing permanently lower tax rates for over 750,000 retail, hospitality and leisure properties, funded by a higher rate on the most valuable properties. Where a recording studio forms part of a single property with a qualifying hospitality or retail business and the hospitality or retail aspect is the main purpose of the property, it will qualify for the lower multipliers.

Following concerns raised after the Budget, the Government has also launched a review of the methodology used to value both pubs and hotels for business rates purposes. As part of this, the Government will engage extensively with valuation experts, businesses and their representatives and will report in time for any decisions that follow to be implemented for the 2029 revaluation.