Music venues with a rateable value below £51,000 will not have to pay business rates this year.
The relief for 2020, designed to lessen the impact of the Covid-19 outbreak, was announced by the chancellor as part of the budget this afternoon (March 11).
Small venues had previously been earmarked for a 50% discount, but will now not pay at all this year.
The break from business rates for the year has also been extended to other small businesses in the retail, hospitality and leisure sector – including museums, art galleries, theatres and night clubs – with a rateable value of less than £51,000, even though they were not eligible for the previously announced cuts.
The chancellor Rishi Sunak also told MPs that small businesses with less than 250 staff will have 14 days worth of statutory sick pay refunded by the government due to absences caused by the coronavirus.
Additionally, he revealed that small and medium sized businesses will be able to apply for bank loans of up to £1.2m which will be underwritten by the government to allow them to manage cashflow through the outbreak. HRMC will also adopt a flexible approach towards tax collection over the coming financial year.
To read Music Week's story on UK Music's 2020 budget demands, click here.