ISM writes to the Chancellor ahead of the Budget
Following the Prime Minister's announcement yesterday for a four-stage plan to lifting the current restrictions in England, the ISM has written to Chancellor Rishi Sunak MP ahead of the Budget on 3 March.
Following on from our submission to the Treasury as part of the Creators' Rights Alliance, the letter asks the Government to adopt a number of measures which will support musicians and allow our industry to rebuild. At each stage of the new roadmap, the Government must invest in the UK’s creative industries including music.
Our suggestions include:
- Maintaining the Self-Employed Income Support Scheme (SEISS) grant at the 80% level until the end of this crisis, and expanding its eligibility criteria or creating a suitable alternative for the three million excluded freelancers
- Providing further cultural recovery funding, with more support for individuals ahead of organisations and venues until musicians can safely resume work
- Supporting venues to reopen under social distancing, covering losses from reduced audiences.
- Offering an alternative to Universal Credit for musicians or improve the process.
- Extending the 5% VAT rate on tickets for the next three years.
- Creating a government-backed reinsurance scheme that allows performance to resume safely later this year.
- Introducing new tax relief measures for live music, touring and new compositions in line with the regulatory elements of the Theatre Tax Relief.