EXCLUSIVE: UK film and television studios are preparing for inspections as they attempt to ward off property tax bills that could threaten the survival of some filming facilities. Representatives f…
“The VOA indicated that they had initially ascertained much of the details of studios from websites, and following the publication of the draft rating list are now undertaking inspections as quickly as possible, as most of their survey details are very historic,” the briefing note said.
Studios chiefs are perplexed by how the VOA has calculated the huge increases in rateable values. There is speculation that it was based on the revenue big studios are generating from long-term leases, such as Disney’s decade-long deal with Pinewood. Many argue this is not representative, however. During last week’s meeting, the VOA said it had “three pieces of rental evidence” to support its calculations but would not share what these were, according to the memo. Studio reps presented evidence showing that industrial spaces converted into sound stages were not being rented out at a higher price than they were prior to the refits.
Talks will come to a head before April when the VOA’s draft rates come into force. Studios are hoping to avoid crippling bills, which some said could raise existential questions about their future.y was filmed, said: “The VOA has thrown a grenade at the film industry. We would go as far as to say that this could be the death knell for a number of the UK’s most historic independent film studios.”
A VOA spokeswoman said: “A film or TV studio’s new rateable value will reflect changes in rental values from 2015 to 2021. Since 2015, the growth in streaming services and attractiveness of producing in the UK has led to an increase in rental values. We are engaging with industry representatives on the valuations.”
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