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Tune in to the new relief for TV and animation production companies
KEY POINTS
- New tax reliefs for creative sector businesses.
- A summary of the main elements of the relief.
- Meeting the “culturally British” test.
- Differentiating core and production expenditures.
When Wallace and Gromit were thinking of becoming UK tax exiles there were few tax breaks for the creative sector.
However much has happened since 2011 and the UK will shortly have “creative sector” tax reliefs in CTA 2009 Part 15A and Part 16. These will provide tax breaks for expenditure incurred by companies within this business sector on or after 1 April 2013.
The incentives are to be rolled out to video game development companies through a mirror scheme of tax credits and enhanced corporation tax deductions. Those proposals are currently awaiting EU state aid approval but are on...
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