Budget 2014: Chancellor says "bravo" as he announces tax breaks

Budget 2014: Chancellor says "bravo" as he announces

Great news for the British theatre industry as a 25% payable credit on touring productions is announced.

Also on KPMG.com

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.”

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For further information please contact:

Margot Cowhig, KPMG Corporate Communications

M: 07920 274856

E: margot.cowhig@kpmg.co.uk

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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.

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