There’s no place like home - Creative sector tax reliefs
Following the consultation process carried out over the summer months, the Government has confirmed that new tax reliefs for the creative sector – intended to be “the most generous available in the world” - are due to be introduced as part of the Finance Act 2013. The new reliefs will complement the existing film tax relief regime (set to continue until at least the end of December 2015) which, has since its introduction in 2006 supported £5billion of investment in “British” films.
In recent years a number of high-profile and ostensibly “British” television programmes, such as “Titanic” and “Ripper Street” have been produced in other jurisdictions, notably the Republic of Ireland, which offer tax-based incentives to encourage investment in film and high-end television production. To counter this, the new reliefs are targeted at producers of high-end television programmes, broadcast animation and video games which make a significant economic and cultural contribution to the United Kingdom (“UK”). The reliefs will complement the existing film tax relief and are intended to incentivise investment into, and encourage productions in, the UK which would otherwise have either taken place outside the UK or would not have been economical and to facilitate a critical mass of infrastructure and skills to support long term production growth within the UK…
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