Some of the UK’s most prominent live-entertainment venues, including The O2, Co-op Live, Manchester Arena, the First Direct Arena in Leeds and Wembley’s SSE Arena, are bracing for some of the sharpest business-rate rises in the country after dramatic increases in their rateable values (RVs) were revealed for 2026.
New analysis from global tax firm Ryan shows that almost all major arenas have seen valuations surge, in several cases more than doubling, with Wembley Arena’s assessment rocketing by 300%. The spike reflects a return to packed schedules and booming post-pandemic demand for live music and events.
Alex Probyn, Practice Leader for Europe & Asia-Pacific Property Tax at Ryan, said the scale of the rises is the direct result of how arenas are valued.
“Arenas are assessed under the Receipts and Expenditure method, meaning business rates are driven by income and operating performance rather than rental evidence,” he explained.
“The 2023 rating list reflected conditions in April 2021, when most venues were shut or heavily restricted. The 2026 list reflects April 2024 — a period of full reopening. That dramatic shift in trading conditions is why many arenas are seeing such significant increases.”
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