The 2024 spring budget brought forth encouraging developments for the creative and performing arts sector, marking a significant boost for its growth and sustainability. Our director, Kerrie Jenkins, shares some initial thoughts about how it will impact performing art companies in the UK.
The Chancellor stated in his budget speech, “In recognition of their vital importance to our national life, I can announce I am making those tax reliefs permanent at 45% for touring and orchestral productions and 40% for non-touring productions.”
According to Jeremy Hunt, “Lord Lloyd Webber says this will be a once-in-a generation transformational change that will ensure Britain remains the global capital of creativity.”I wholeheartedly agree with Lord Lloyd Webber. The increased theatre tax relief has made a monumental difference to some of our clients at ATEK Accounting and will now continue to do so.
Positive Highlights from the Spring Budget for the Performing Arts:
Theatre Tax Relief (TTR), Orchestra Tax Relief and Museums and Galleries Tax Relief, permanent rates 40% / 45% for non-touring / touring productions.
- The National Theatre is receiving a £26.4m flagship capital investment from the UK government, and will launch a new transformational fundraising campaign called Stories Start Here.
- Audio-Visual Expenditure Credit (AVEC). Companies with qualifying UK independent films with a budget of £15 million or less will be able to claim a new UK Independent Film Tax Credit (IFTC) of 53%. Qualifying expenditure will be capped at 80% of the film’s total core expenditure.
Support for the Performing Arts
Atek has a particular passion for supporting businesses in the Performing Arts space. If you would like to learn more about how we can help you, please get in touch.
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