Carol Johnson, Innovation Reliefs and Incentives Director at KPMG, explains that the tax reliefs are great news for the UK’s creative sector which has played an integral part in boosting our economy.
“George Osborne continues to woo the UK’s creative industries by announcing two new tax reliefs and launching a consultation to improve the existing High End TV relief.
“This is great news for the UK’s creative sector which has played an integral part in boosting our economy both fiscally and culturally.
“A new tax relief for orchestras will be consulted on next year, and is expected to be available from April 2016 – a great boost for the likes of the Philharmonic and the Hallé, which are truly world class.
“Additionally, a new tax relief for producers of children’s TV programmes will be available from 1 April 2015, providing a cash credit of 25% of qualifying expenditure. This is fantastic support for a UK industry that has a history of delivering cutting edge educational programmes such as the ‘Teletubbies’ and ‘Sarah and Duck’.”
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Katy Broomhead, KPMG Corporate Communications
M: +44 (0)7824 537963
KPMG Press Office: +44 (0)207 694 8773
Twitter: @kpmguk #AS2014
KPMG LLP, a UK limited liability partnership, 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.