A theatrical budget day !

Cliona Kirby, Tax Partner, CMS

We are thrilled that the Chancellor has announced a new theatre production tax relief and delighted to have worked alongside The Society of London Theatre and UK Theatre Association and key theatre industry figures to effectively lobby for this exciting and important tax relief. It is fantastic to see the Chancellor’s continued support for the UK creative industries.

Based heavily on the film tax credit, theatre production relief will offer a higher 25% rate of tax relief for touring productions and a lower 20% rate of tax relief for other productions.

Theatre tax relief will be available for plays, musicals, opera, ballet and dance but certain exclusions will need to be discussed.

A consultation will be undertaken to explore the topical questions in greater detail including questions around when the development stage is over and running costs commence, what constitutes touring and how to ensure the tax relief works effectively for the ‘subsidised’ sector.

We would encourage you to get involved with the consultation to ensure theatre tax relief is shaped in the most effective way.

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