Rateable values are used to calculate business rates, a tax on non-domestic properties.
The higher the rateable value, the higher the business rate.
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Smaller studios are facing similar hikes.
Twickenham Film Studios rateable value is poised to quadruple to 1.75M.
Home toDarkest HourandLast Night In Soho, Ealing Studios rateable value will more than double to 2.8M.
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I would encourage the Valuation Office to look again at the rates.
Ryan Dean, founder of west Londons RD Studios, agreed that it was short-term thinking.
Someone in a senior government position needs to look at this, he said.
The majority of UK studios do not have clients locked into similar agreements.
Instead, they license their sound stages on a production-by-production basis, meaning they have fallow periods.
Pinewood and Warner Bros. declined to comment.
Two developers joined the chorus of concern.
The VOA published draft rateable values to allow the film and TV industry to make representations.
It calculates valuations using methods approved by the Royal Institution of Chartered Surveyors.
We are engaging with industry representatives on the valuations.
They said this would put at risk 1.3B of tax revenue and 30,000 jobs.
