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Major boost for UK’s small venues as business rates are axed
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nme.comPotentially saving venues £25,000 a year The British government’s budget, announced today (March 11) by chancellor Rishi Sunak, contains good news for the UK’s small venues.
In order to help ease the economic impact of the ongoing coronavirus outbreak, Sunak said that businesses with a rateable value of below £51,000 will not pay any business rates for the next year.
Sunak claims that the change, which takes effect in April and will last for 12 months, will save businesses £25,000 each. “In our manifesto last year, the government promised to increase their business rates retail discount by 50 per cent, but we can go further,” the chancellor said. “We are taking the exceptional step of abolishing business rates altogether.” Business rates, a
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