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Getting creative
Key points
- The creative sector corporation tax reliefs are changing significantly for films TV animations and video games.
- Changes across all creative sector tax relief regimes will impact the types of costs which may be included in calculating the available benefit.
- The exclusion of connected party profits may have a significant impact on claims.
- Claimant companies will need to plan when to transition to the new regime.
There are currently eight creative sector tax reliefs covering films high-end TV animations children’s TV video games theatres orchestras and museums and galleries. Administered through the corporate tax self-assessment regime these reliefs work cumulatively so each production trade is separately streamed and calculations are prepared based on financial results to date. The incentives broadly provide an additional corporation tax deduction of 80% of qualifying expenditure on creating new content for the general public. To...
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