Music Venue Trust warns tax hike could impact local venues
Industry calls for urgent action to protect UK’s live music scene
The Music Venue Trust (MVT) is warning the government that grassroots live music venues across the UK could be at risk as the government plans a sharp rise in property taxes for major arenas this year.
Wembley Arena’s business rates are due to rise by 300% while The O2 will pay an extra £1.85 million every year. MVT has called the changes “a disaster for live music,” warning that the Treasury is “brushing off the problem instead of fixing it.”
The Trust has joined forces with LIVE (Live Music Industry Venues & Entertainment), National Arenas Association and others to sign an open letter to the Prime Minister – outlining that the tax increase will have wider consequences for the UK’s live music sector.
It also warns that rising costs at major arenas could lead to fewer shows and higher ticket prices. MVT adds that this may create difficulties for smaller local venues trying to stay open
Kettering musician Ethan King, who plays in a local band, says he’s worried rising fees will hit Northamptonshire’s already struggling live music economy.
King said: ''We're in a time where everything costs so much already, people might not be able to afford these higher prices.
The tax increases may reduce how many people are able to come to gigs, meaning there will be less going on for musicians.''
For more information visit The Music Venue Trust website.