Rushmoor Borough Council’s Cabinet members have approved a new government-backed policy to limit the amount of business rates payable by film studios to provide studios with support over the next ten years.
The Cabinet considered a report which set out a new scheme of relief that had been announced by the government on business rates payable by film studios.
Members heard that, in the Budget in March, the government announced a new scheme of relief, in which eligible film studios, such as the film studio on the Farnborough Airport site, would receive a 40 per cent reduction on gross business rates bills until 2034. This is a government-led initiative, but billing authorities such as Rushmoor Borough Council are expected to deliver the scheme using their discretionary powers. To enable the council to use its discretionary powers, a Film Studio Rate Relief policy is required, and this was approved by members at a recent Cabinet meeting.
It was confirmed during the meeting that the government would reimburse any film studio relief awarded within the rates retention scheme for the actual cost. The amount to be reimbursed will equal the total value of the relief awarded.
Rushmoor Borough Councillor Alex Crawford, Cabinet member for Finance and Resources, said: ‘We promised in our Delivery Plan that we would continue to support and promote local businesses, and our local film studio is an important part of that. We are pleased to have a film studio in Farnborough, and the government’s scheme to offer rate relief will provide some support to it, while being cost-neutral to the council as the government will reimburse the value of the relief offered.’
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