Issue details

This report covers new business rate relief that the Government has announced for ten years, covering the period 1 April 2024 to 31 March 2034.

The Film Studio Relief Scheme will provide eligible film studios with a 40% reduction on their gross business rates during the ten-year period. This reduction is inclusive of any transitional relief which may apply.

As there are a number of national business rates revaluations scheduled to occur during the span of this relief, the Government may change the relief percentage in the future to keep a similar level of benefit for these studios.

As the scheme is designed for a limited period only, the Government is not making changes to legislation, but instead providing detailed guidance, and asking local authorities to use powers under s47 of the Local Government Finance Act 1988 to set up the scheme. Government will then fully repay the cost of relief awarded in line with their guidance.

The government only released the guidance to this policy on the 20^th February, hence the need for an urgent portfolio holder decision to ensure that this policy can be implemented as part of the 2025/26 business rates billing process.