Creative Arts – 2015 Budget Changes
The government already gives tax reliefs to producers of film, high-end TV, animation, video games, and theatre to incentivise production in the UK.
This week’s Budget improves the position for a number of arts:
- Film – the rate of relief for films costing >£20m is enhanced and brought into line with “low-budget” films.
- Children’s TV production – is a new category brought into the existing tax reliefs.
- High End TV – the UK expenditure requirement is reduced to 10% from the previous minimum 25%
The reliefs are available to companies, generally with a UK cultural and production content. Rather than the standard 20% tax relief for expenditure, qualification can give 40% tax relief, or if you have losses a special 25% tax refund from HMRC.
Our own web pages on these reliefs will be going live shortly, but our attached guide shows how these reliefs work. We would like to hear from companies in the region who may be interested in claiming the additional tax relief, contact us on 01904 464100 or firstname.lastname@example.org.