Film Studios Set For Crunch Talks Over Property Tax That Could “Torpedo” UK Status As Hollywood Rival
deadline.comEXCLUSIVE: Britain’s biggest film studios are preparing for crunch talks with a government agency amid fears that a so-called “studio tax” could “torpedo” the UK’s booming production industry.
Pinewood is among an informal task force of UK studios that has been working with the British Film Commission (BFC) to avert potentially huge increases in property taxes.
Representatives for the studios are due to meet with the Valuation Office Agency (VOA) this week to set out their concerns. The VOA has redrafted UK studios’ “rateable values,” an assessment of the amount a property would rent for if it were available on the open market.
Rateable values are used to calculate business rates, a tax on non-domestic properties. The higher the rateable value, the higher the business rate.
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