In 2013, the coalition government implemented a wide range of tax reliefs for creative companies. This tax credit scheme was an addition to the existing tax credits for the film industry. It targeted animation companies and high-end TV production companies, and has been expanded to other parts of the creative sector.
The scheme has been reported to have a had a positive impact, but what’s happened since the government came to power? At the Autumn Budget 2017, the government announced an increase of the Research & Development Expenditure Credit from 11% to 12%. The purpose was to “support for our creative and digital industries”, among other things. That counts as a favourable tax arrangement, but we’re struggling to find others.
We are therefore marking this policy as ‘in progress’. Before we can move this to ‘done’, we’re looking for at least two favourable tax arrangements (note the plural of “arrangements” in the manifesto) that impact the creative sector. Follow this policy for updates.
- Corporation Tax: creative industry tax reliefs – Gov.uk
- Government’s Industrial Strategy: Creative Sector Deal – Gov.uk
- Tax relief fuels boom in Britain’s film and creative industries – Financial Times
- Creative Sector Tax Relief – Wikipedia