Wednesday 19th March 2014
Commenting on the announcement of tax incentives for theatre productions announced in today’s Budget, Carol Johnson, Tax Director in the Innovation Reliefs and Incentives Group at KPMG in the UK, said: “Today’s announcement of a 25 percent payable credit on qualifying regional touring productions and a 20 percent payable credit on all other qualifying productions is great news for the British theatre industry which has produced such global smash hits as Mamma Mia, Matilda and the History Boys to name a few. The full details haven’t been released yet but our understanding is that they will apply to a wide range of theatre productions (including plays, musicals, dance and opera) and to qualify, the productions should either be new works or regional touring productions.
“In other creative industries tax relief announcements today, the Chancellor confirmed EU approval for imminent changes to the rules relating to film tax relief and to similar breaks for the video games industry on which the government continues to press for EU clearance.”
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