Commenting on today’s Autumn Statement, Chris Morgan, Head of Tax Policy at KPMG in the UK, said:
“The improvements to the existing film tax reliefs announced today are great news for the UK which is recognised as a world leader in the field. These measures should help the British film industry grow, prosper and remain competitive on the international stage."
“The specific measures announced today include an ambition to make the film industry tax reliefs more generous with a number of steps proposed, including modernising the cultural test. In addition, the Chancellor wants to ensure that there is additional support for wider film production and, specifically, visual effects following a Treasury consultation on this earlier in 2013. We should hear the Treasury’s conclusions on this in the near future."
“A consultation will be issued early in the New Year, to consider scope for tax relief for the theatre sector. Given that other creative sectors already benefit from tax breaks, thespians around the country will be hoping to be treated similarly.”
The Chancellor has announced a number of intended measures for the film industry, including:
The Chancellor has also advised that a consultation will be launched early in 2014, to consider scope for tax relief for commercial theatre productions and theatres investing in new works/touring productions to regional theatres.
Please note that, at this time, little further detail is available.
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This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.