AIM responds to Budget and Spending Review

London, 27th October 2021 AIM CEO Paul Pacifico has responded to the Chancellor’s Budget and Spending Review, welcoming positive new measures for venues and hospitality, but stressing the importance of a tax relief scheme for music.

Paul Pacifico, CEO of AIM said: “It’s encouraging to see the Government recognise the serious blow Covid dealt to the UK’s music industry in today’s budget, discounting business rates for music and other hospitality venues and for premises improvements and green tech use as well as increasing tax reliefs for orchestras. However, more must be done to support the globally significant independent music sector to ensure a viable future for diverse music, creators and entrepreneurs. One key proposal is a tax relief scheme for music, like those successfully implemented in other creative industries such as film and games. This cost-effective measure could provide our sector with the boost it needs, attracting inward investment and creating a ripple effect across the wider music ecosystem. We urge government to include music in such schemes at the next opportunity.”

ENDS  

About AIM   

AIM is the not-for-profit organisation representing and supporting the UK’s independent music community, which makes up over a quarter of the UK’s recorded music market. Now in its 22nd year, AIM’s members range from the largest, most respected record labels and associated music businesses in the world to DIY or self-releasing artists and the next generation of entrepreneurs in music – including 4AD, Black Acre, CTRL Music, Dirty Hit, Domino Recording Co, Hospital Records, Killing Moon Group, FAMM, Ninja Tune, Numbers, Transgressive, Secretly Canadian, Supernature, Warp, and XL Recordings.

AIM exists to level the playing field for UK independent music businesses – the beating heart of music. No matter their genre, their background, how much money they have, how they identify or their age, AIM provides access to the knowledge and contacts creative entrepreneurs need to create, build and win. AIM supports its members, not only through the difficult times, but also on a day-to-day level with practical support that makes a real difference to their lives and work, helping them take their businesses to the next level.