UK’s biggest concert arenas face huge tax hikes sparking ticket price fears
UK music fans issued warning about the future of concerts
- Major concert venues across England and Wales, including London's O2 Arena and Manchester's Co-op Live, are facing substantial property tax increases.
- Industry experts warn that these rising costs, potentially doubling within three years, will lead to higher ticket prices and threaten the viability of smaller music venues.
- The Valuation Office Agency's data shows rateable values have surged by up to 300 per cent, partly due to a valuation method comparing current economic performance with pandemic-affected 2021 figures.
- London's O2 Arena is projected to see its property tax bill increase by nearly £2 million by 2026-27, while Ovo Arena Wembley faces a 300 per cent rise in its value.
- Mark Davyd of the Music Venue Trust has urged the government to provide higher relief on business rates, cautioning that the increases could deter international artists from touring the UK.