Commenting on the announcement of tax incentives for theatre productions announced in today’s Budget, Carol Johnson, Tax Director in the Innovation Reliefs and Incentives Group at KPMG in the UK, said: “Today’s announcement of a 25 percent payable credit on qualifying regional touring productions and a 20 percent payable credit on all other qualifying productions is great news for the British theatre industry which has produced such global smash hits as Mamma Mia, Matilda and the History Boys to name a few. The full details haven’t been released yet but our understanding is that they will apply to a wide range of theatre productions (including plays, musicals, dance and opera) and to qualify, the productions should either be new works or regional touring productions."
“In other creative industries tax relief announcements today, the Chancellor confirmed EU approval for imminent changes to the rules relating to film tax relief and to similar breaks for the video games industry on which the government continues to press for EU clearance.”
- ENDS -
For further information please contact:
Margot Cowhig, KPMG Corporate Communications
M: 07920 274856
Follow us on twitter: @kpmguk
KPMG Press Office: +44 (0) 207 694 8773
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with approximately 11,500 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.