FB 2013: Creative sector tax reliefs

Cliona Kirby

The UK will, subject to State aid approval, introduce new tax reliefs for television programmes and video games with effect from April 2013. Cliona Kirby examines the detail.

Under the draft measures tax relief can be utilised through surrendering the enhanced tax losses generated for a payable cash tax credit or utilising such losses to mitigate UK corporation tax liabilities. The tax relief will generate:

an additional corporation tax deduction for the production company or developer at a rate of up to 100% of qualifying UK expenditure (or if lower 80% of the total qualifying expenditure); or
a payable cash tax credit equal to 25% of the enhanced losses surrendered.

Typically most film production companies have chosen to benefit...

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The UK will, subject to State aid approval, introduce new tax reliefs for television programmes and video games with effect from April 2013. Cliona Kirby examines the detail.

an additional corporation tax deduction for the production company or developer at a rate of up to 100% of qualifying UK expenditure (or if lower 80% of the total qualifying expenditure); or
a payable cash tax credit equal to 25% of the enhanced losses surrendered.

Typically most film production companies have chosen to benefit...

If you or your firm subscribes to Taxjournal.com, please click the login box below:

If you do not subscribe but are a registered user, please enter your details in the following boxes: