4th December 2013
In addition to the existing Film Tax Relief, introduced in April 2007, as of 1 April 2013 some new Creative Industry Tax Reliefs have been introduced by the UK Government. The new reliefs are aimed at supporting the high-end television, animation and video games industries.
Companies carrying on qualifying work will be able to claim an additional tax deduction of up to 100% of qualifying expenditure.
Who gets the relief?
The government has chosen to target three specific sectors: “high-end” television production, animation, and video games. There are various conditions that need to be met in order to qualify for each of the reliefs, but to qualify for any of the creative industry tax reliefs all films, television programmes, animations or video games must pass a ‘cultural test’ which essentially requires that the production is certified as ‘British’. (For further details please see the HMRC website: http://www.hmrc.gov.uk/ct/forms-rates/claims/creative-industries.htm#2.)
Click here to read the full blog: Creative Industry Tax Relief