Welsh Government funding is available for studios in Wales impacted by the Non-Domestic Rating (NDR) Revaluation.
Creative Wales says that targeted investment in studio infrastructure is critical to the growth of creative industries, and to Wales’ ability to compete with other parts of the UK in attracting major international filming productions.
It said it also wanted to ensure that studios are affordable for indigenous companies to create homegrown content.
The latest UK Government NDR (Non-Domestic Rating) Revaluation came into effect on 1 April 2023 which assigned revised business rates to reflect changes in rental market conditions.
Creative Wales says that, as a consequence of this, some sectors – including studios – have had seen significantly increased rates.
Welsh Government support is available via Creative Wales to help mitigate the impact of these increases.
The aim of the fund is to provide financial support to studios based in Wales that have seen large increases in their individual NDR (Non-Domestic Rate) liabilities since the April 2023 revaluation took effect.
The support will be provided as a grant through Creative Wales, and is accessible to all eligible Wales-based studios, and offers parity in line with the financial support provided by UK Government in 2024-25, for studios based in England.
The financial support provided by Creative Wales is intended to ensure that, in effect, eligible studios will not pay more than 60% of their gross NDR liability (i.e. what their liability would be in the absence of any other NDR reliefs they are eligible for, including transitional relief, and this grant). The value of this grant will offset the difference between 60% of the gross liability and the actual NDR bill, which is issued directly to the studio by the relevant local authority.
This call-out for funding support will close at 12pm on Monday 2nd December 2024.
The funding period is intended to cover the tax year 1 April 2024 to 31 March 2025.
Studio applicants must be:
- Based in Wales and employing staff in Wales;
- Trading since before 1 April 2023 and still trading (as evidenced by financial accounts from the last financial period);
- Not be earmarked for closure, or at a high risk of closure (as evidenced by financial accounts from the last financial period and a full financial due diligence review).
(b) Eligible studios must be used for the production of films or television programmes, and, in whole or in part, comprise of sound stages and/or film sets.
(c) Eligible studios must have seen an increase of more than 50% in their NDR liability or a rateable value increase of more than 50% since 31 March 2023 based on your most recent Valuation Office Agency (VOA) confirmation. The actual NDR bill for a studio is that which is issued by the relevant local authority for the period 1 April 2024 to 31 March 2025, based on the current rateable value of the facility.
To request an application form contact creativewalesfundingsupport@gov.wales
