Creative businesses receive £1.1bn tax relief
9th August 2019
Companies in the creative industries were awarded a total of £1.1 billion in tax relief in 2018/19, Government statistics show.
A range of corporation tax reliefs are available for businesses involved in the development of certain creative productions, including film, television, video games, theatre and museum or gallery exhibitions.
These allow qualifying companies to claim a larger deduction when calculating their taxable profits, or in some circumstances claim a payable tax credit.
Companies in the film industry claimed the highest value of relief, at £595 million, followed by high-end television, which claimed £246m.
The amount of relief received by these sectors has increased by around 40% over the last three years.
Jesse Norman, financial secretary to the Treasury, said:
"The arts and creative industries make a vital contribution to the UK economy.
"These tax reliefs have helped support some astonishing and exciting work again this year, celebrating the very best of British culture."
Amanda Nevill, chief executive at the British Film Institute, added:
"UK-made films, television programmes and video games are international award-winners and are enjoyed by audiences at home and abroad.
"The combination of an explosion in global demand for high-quality productions, our creative and technical excellence, and the UK's supportive fiscal environment creates huge opportunities for our sector to grow further and boost the future prosperity of the UK."
We can advise on tax reliefs for your sector.