Autumn statement tax windfall for theatre

Chancellor George Osborne has revealed Government plans to introduce “a limited tax relief for commercial theatre productions and a targeted tax relief for theatres investing in new works or touring productions to regional theatres”. The move to introduce new support for theatres is in recognition of “the unique value that the theatre sector brings to the UK economy”. The creative industries are one of 11 industrial sectors identified by the Government as offering significant growth opportunities for the UK economy. Osborne announced that a consultation will begin early next year, with a view to introducing the tax relief from April 2015. Among other measures related to the creative industries, the film tax relief scheme is set to be extended, with relief available at 25% on the first £20m of qualifying production expenditure and 20% thereafter, for both small and large budget films from April 2014.