Film studio relief
At the Spring Budget on 6 March 2024, the Chancellor announced that the government would continue to support the creative industries and set out that it would introduce a business rates relief for eligible film studios in England.
Eligible film studios in England will receive a 40% reduction on gross business rates bills until 2034, backdated to 1 April 2024.
The 40% reduction is inclusive of transitional relief. The value of any transitional relief a studio receives will be deducted from the value of the film studio relief. This means that eligible film studios’ final bills will be no more than 60% of their gross bill.