All posts by Cliona Kirby, Tax Partner, CMS

In addition to the changes to EIS, SEIS and VCT set out in our blog, further changes were announced in today’s Budget that will only apply to VCTs. The Government has acknowledged in its response to the “Financing growth in innovative firms” consultation that VCTs have begun to move away from investing in established companies … Continue reading VCT – high-risk, high-reward?

Clampdown on so-called capital preservation As was widely expected, the Government intends to change the EIS, SEIS and VCT rules to ensure they are focussed on high-risk, “genuine entrepreneurial” IP-intensive companies and are not used in a way that provides “capital preservation” for investors.   Whilst the good news is that no one industry has been … Continue reading A mixed bag of news for the EIS industry

Those nostalgic for the glory days of UK children’s TV will be pleased by the extension to creative industry tax credits announced by George Osborne today. Subject to state aid approval, tax relief for the production of children’s TV programmes will be available at a rate of 25% on qualifying core expenditure from April 2015. … Continue reading Tax reliefs to the rescue for children’s TV

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 … Continue reading A theatrical budget day !

Building on last year’s announcement to introduce an animation and high end television tax credit in the UK, the Chancellor today confirmed the Government’s commitment to the creative industries by announcing improvements to the existing UK film tax credit which are also designed to boost the UK visual effects industry.    Subject to state aid approval, … Continue reading Further boost for the UK creative industries

Whilst no big surprise, it is disappointing to hear the confirmation that the intended games tax relief will not receive EU state aid approval by 1 April.  It was always expected that more questions may be raised by the European Commission given the differences between how games and films are made.  We understand that the EU has sought certain … Continue reading Games Tax Relief – delayed

The Government has continued its drive to make the UK a global centre of digital media.   In particular, the important and globally renowned visual effects industry may benefit with the announcement of a consultation on how to support this industry through the tax system.  Perhaps the existing film tax credit can be extended to cover visual effects and post production? … Continue reading Further support for the creative industries

The CGT holiday for investors re-investing gains in SEIS shares has been extended for another year.  Whilst this is good news it is disappointing that the re-investment relief is only available for half the gain re-invested. SEIS relief has proved an extremely popular and invaluable means of raising vital seed capital for small start up companies in its … Continue reading Good news for investors in start up companies

Good news for the UK high end TV, animation and games industries as the rate of the payable production tax credit is set at 25% of qualifying spend (being the higher rate of film tax credit relief available for low budget films). Alternatively companies can choose to utilise an enhanced deduction of 100% of qualifying … Continue reading Creative Industry Tax Reliefs – rates confirmed