Creative Sector Tax Reliefs

To encourage investment in the creative sector, in recent years the UK government have introduced a range of tax reliefs.  These include:

  • Video Games Tax Relief
  • Theatre Tax Relief
  • Film Tax Relief
  • Animation Tax Relief
  • Children’s Television Tax Relief
  • High-end Television Tax Relief
  • Orchestra Tax Relief – will be introduced for qualifying expenditure incurred on or after 1 April 2016.

The tax reliefs enable creative sector companies (including charitable companies) to claim tax credits amounting to between 16%-20% of eligible production costs.

Alternatively, for profitable companies, the reliefs enable companies to claim for an enhanced deduction from tax, which will reduce their tax liability.

Tait Walker were involved in the consultation with HMRC around the introduction of the creative sector tax reliefs, and since their launch have helped clients in the North East claim back more than £1m in tax credits from HMRC.

If you would like to discuss the reliefs in more detail please don’t hesitate to call either Louise Barker or Alastair Wilson on 0191 285 0321.

We are delighted to offer all companies a free no obligation meeting to discuss their productions, to see whether it may be possible to claim one of the tax reliefs available.