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UK Music Biz Welcomes 'Lifeline' Tax Relief for Small Venues as Coronavirus Threatens Industry
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billboard.comGrassroots music venues in the U.K. are to benefit from new cost-cutting measures introduced in the British government's annual budget on Wednesday (March 11).
At the heart of the budget is a £30 billion ($38 billion) financial package to boost the U.K. economy in the face of the coronavirus outbreak.
The biggest gain for the music industry is the scrapping of business rates (tax on properties used for commercial purposes) for firms in the leisure and hospitality sector with a taxable value below £51,000 ($65,000).
That means that large numbers of small-capacity live music venues in the U.K. will not pay any business rates for the year ahead.
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