Autumn Statement 2013
Following the release of the Autumn Statement, Taylor Wessing has set out below a summary of some of the main announcements.
- From April 2014 (subject to state-aid approval), the rate of film tax credit for surrenderable losses will be 25 per cent for the first £20m of qualifying core expenditure (subject to a maximum of 80 per cent of qualifying core expenditure) and 20 per cent thereafter (subject to the same maximum). The minimum UK expenditure qualification will also change from 25 per cent to 10 per cent. The cultural test will be modernised to align it with incentives in other member states. The government will seek state-aid clearance to increase the rate of relief to 25 per cent for all qualifying expenditure when it renotifies film tax relief in 2015.
- A consultation will be launched on the introduction of a proposed new limited corporation tax relief for commercial theatre productions and a targeted relief for theatres investing in new works or touring productions to regional theatres…
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