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The third sitting of the Public Bill Committee on Finance Bill 2016.
KEY POINTS
- Orchestra relief supports various kinds of entities making music for a range of people.
- New patent box rules bring the relief into line with new international framework.
- Uncertainty about tax treatment of residual payments removed.
- Tax effect of mismatch arrangements neutralised.
The third sitting of the Public Bill Committee opened with a discussion of clause 50: tax relief for production of orchestral concerts with the supporting Sch 8 and clause 51.
Chief secretary to the Treasury David Gauke said the clause introduced a corporation tax relief and payable tax credit to recognise the ‘cultural value and artistic importance of Britain’s orchestras’. It will support various ensembles from chamber orchestras to brass bands. Production companies will be able to claim a tax credit worth up to 25% of the cost of...
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