Isle Of Wight Pubs, Music Venues And Film Studios Could Benefit From New Tax Reliefs

Pubs, live music venues, film studios and electric vehicle charging points could be set to receive new business rates relief under proposals being considered by the Isle of Wight Council today (Thursday, March 12).

The council’s Policy, Finance and Resources Committee (PFRC) is being asked to update discretionary rate relief policies in line with government changes announced in the autumn budget.

A report from Chris Ward, Isle of Wight Council’s Director of Finance, says the new reliefs are designed to support Island businesses without affecting the council’s budget, as the costs are covered by Whitehall Section 31 grants.

The proposals include:

• Film Studios Relief – eligible studios in England will continue to receive a 40% reduction on gross business rates bills until 2034 to support the creative sector.

• Electric Vehicle Relief – a ten-year 100% business rates relief for EV charging points separately assessed by the Valuation Office Agency, and electric vehicle-only forecourts.

• Pubs and Live Music Venues Relief – from 2026-27, all pubs and live music venues meeting eligibility criteria will benefit from a 15% business rates reduction, effectively freezing bills in real terms for two years.

The relief for pubs applies to venues that are open to the public, allow free entry, do not require food to be consumed, and permit drinks to be purchased at a bar.

Live music venues will also be eligible.

The proposals also include the removal of existing retail, hospitality and leisure relief and the introduction of an amended Supporting Small Business Relief Scheme.

PFRC is scheduled to meet at 5pm on Thursday evening to consider the proposals.