Industry SectorsTech/Media/TelecomsUK Treasury Announces Tax Relief for Creative Industries

UK Treasury Announces Tax Relief for Creative Industries

Tax relief for Britain’s creative industries, which would make the
UK a more attractive location for the production of big-budget
television shows, animation and video games, has been announced by the
government’s treasury department.

The proposed relief would be on a similar basis to that provided
to the British film industry since 2007, which amounted to an estimated £200m
saving in 2010-11.

TV Coalition, a pressure group whose members include
major names in television production, has welcomed the launch of a consultation
into plans announced in the Chancellor of the Exchequer George Osborne’s budget
speech in March, where he promised to introduce tax relief for creative
industries.

Andy Harries, chief executive
officer (CEO) of Left Bank Pictures, said: “British production talent is responsible for some
of the best television in the world and at the moment many productions, which
could very easily be shot in the UK, are being made abroad and many talented
creatives are moving elsewhere.”

Rachel Austin, tax director at Deloitte, commented that
companies should be told the value of the proposed reliefs as soon as possible in
order to begin building it into their planning processes. “If the government sets the rate of relief at the
right level, the proposals will increase the UK’s competitiveness in these
sectors encouraging additional investment in the UK and discouraging UK
companies from producing culturally British content in countries that already
offer incentives such as Ireland, Hungary and France,” she said. “The
government has also indicated that the proposed reliefs are likely to include
rules designed to prevent abuse, such as offloading the reliefs to private individuals,
through loss schemes.”

Related Articles

The Challenge of Building and Maintaining a Central Treasury Operation in a Decentralized Company

EEA The Challenge of Building and Maintaining a Central Treasury Operation in a Decentralized Company

4m BELLIN
The Treasury Challenge of a Post-Merger Integration

EEA The Treasury Challenge of a Post-Merger Integration

4m BELLIN
The Challenge of Integrating Worldwide Subsidiaries into one TMS

Baltics The Challenge of Integrating Worldwide Subsidiaries into one TMS

4m BELLIN
Q&A with BMG's treasury : BELLIN - We Love Treasury 2

EEA Q&A with BMG's treasury : BELLIN - We Love Treasury 2

4m BELLIN
PSD2: dull name, but seismic effect

Clearing & Settlement PSD2: dull name, but seismic effect

4m Alex Kwiatkowski
2017's most read: Correspondent banking: still in rude health?

Bank Relationships 2017's most read: Correspondent banking: still in rude health?

5m Henry Balani
2017's most read: The future of cash management: the single multi-currency virtual account

Accounts Payable 2017's most read: The future of cash management: the single multi-currency virtual account

5m Matthew Fuellhart
2017's most read: Open API: unlocking innovative new services in banking

Automation 2017's most read: Open API: unlocking innovative new services in banking

5m Lu Zurawski