Creative Sector Tax
Creative Industry Tax Reliefs are a group of tax reliefs specifically targeted at Companies undertaking certain activities in the entertainment industries. There are 4 different groups of reliefs targeting specific industries and these are:-
• Film production (Film Tax Relief)
• Television production (Television Tax Relief)
• Video games development (Video Games Development Tax Relief)
• Theatrical production (Theatre Tax Relief)
The effect of the reliefs is to provide either an enhanced tax deduction for relevant qualifying expenditure or to give a repayable tax credit whereby the company can surrender a relevant trading loss to obtain a repayment directly from HMRC.
As with all tax reliefs there are detailed rules and conditions which must be met. There are restrictions for instance where a Company has made a claim to enhanced tax relief under the Research and Development legislation, but with up to a 100% additional tax deduction available the reliefs can be very valuable and the tax savings substantial.
If you wish to read more about Creative Sector Tax Relief you might like to read our full publication which is available on our website http://www.abggroup.co.uk.
If you would like to discuss your eligibility to claim Creative Sector Tax Relief please contact our specialist team on 020 7330 0000.