The audio-visual expenditure credit replaces the existing film, high-end tv, animation and children’s tv tax relief schemes, while the video games expenditure credit replaces video games tax relief. The guidance highlights an important point to note – the introduction of a mandatory online ‘additional information form’ which must accompany claims. The online form is required for claims under the new expenditure credit schemes from the 1 January 2024 start date and will be mandated for the existing tax relief schemes from 1 April 2024.
Alongside introduction of the new expenditure credits, the existing tax relief schemes are being phased out, with new productions required to claim under the new regime from 1 April 2025 and all productions moving to expenditure credits from 1 April 2027 when the existing tax reliefs are expected to end. The legislation that will enact these changes is set out in Finance Bill 2024 Sch 2.
Guidance on the museums and galleries exhibition tax relief scheme has also been revised, principally to cover the additional ‘core costs’ requirement. In order to qualify for relief from 1 April 2024, at least 10% of the core costs of the exhibition must relate to activities in the UK. The additional information online form also applies for claims for museums and galleries exhibition tax relief made on or after 1 April 2024.
The audio-visual expenditure credit replaces the existing film, high-end tv, animation and children’s tv tax relief schemes, while the video games expenditure credit replaces video games tax relief. The guidance highlights an important point to note – the introduction of a mandatory online ‘additional information form’ which must accompany claims. The online form is required for claims under the new expenditure credit schemes from the 1 January 2024 start date and will be mandated for the existing tax relief schemes from 1 April 2024.
Alongside introduction of the new expenditure credits, the existing tax relief schemes are being phased out, with new productions required to claim under the new regime from 1 April 2025 and all productions moving to expenditure credits from 1 April 2027 when the existing tax reliefs are expected to end. The legislation that will enact these changes is set out in Finance Bill 2024 Sch 2.
Guidance on the museums and galleries exhibition tax relief scheme has also been revised, principally to cover the additional ‘core costs’ requirement. In order to qualify for relief from 1 April 2024, at least 10% of the core costs of the exhibition must relate to activities in the UK. The additional information online form also applies for claims for museums and galleries exhibition tax relief made on or after 1 April 2024.
