- Video games developers and high end TV and animation companies set to benefit
Commenting on the details of creative sector tax reliefs published today in the draft finance bill, Matthew Appleton, media tax specialist at KPMG in the UK, said:
“The new creative sector tax relief opens the way for the UK further enhancing its skills, expertise and reputation in this field. It further underlines the government’s commitment to the creative industries.
“This significant new tax relief is being introduced for companies developing video games and, also, producing high end television programmes and animation. It gives qualifying companies an additional tax deduction of up to 80% of their qualifying spend; and can even benefit loss making companies as they may also be able to claim cash back from the Treasury. The relief is effective for spend from 1 April 2013 so companies need to be considering this as soon as possible. We anticipate significant interest from companies in this sector.”
For further information please contact:
Margot Cowhig, KPMG Corporate Communications
Tel: 0207 694 4246 Mobile: 07920 274856: email@example.com
KPMG Press Office: 0207 694 8773
Notes to editors.
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 11,000 partners and staff. The UK firm recorded a turnover of £1.7 billion in the year ended September 2011. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 152 countries and have 145,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.