At the end of last year we highlighted important changes to the VAT rules on the cross-border supply of digital services (such as digital downloads, e-books or online gaming) to individual customers, and how, without a financial threshold above which the rules would apply, they would create a costly administrative burden for internet start-ups (our … Continue reading VAT in the Digital Single Market: is help on its way for internet start-ups?
Our sister blog, Fashionista-at-Law, comments on the omission of fashion from George Osborne’s list of ‘creative industries’ and the other Budget measures affecting the fashion industry here.
The Chancellor yesterday confirmed several measures which will provide further support for the UK’s creative industries. Although these are subject to state aid approval by the EC, they reaffirm the important contribution these industries make to the UK economy and the Chancellor’s intention that the UK remains internationally competitive in creative sectors. The tax credit … Continue reading Further boost for 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
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
Our more detailed reports on the 2012 Budget can be found by clicking on the links below and on the right-hand side of the Blog: General Business Taxation Creative and Innovative Industries Property Taxes Employee Incentives Pre-Budget Gambling Duty Post-Budget Gambling Duty To discuss how these changes affect you or your business, please contact a … Continue reading Olswang Budget Blog 2012 – Detailed Analysis
We are delighted that the Chancellor has recognised the importance of the UK Creative Industries and announced the intention to introduce tax credits for TV, animation and video games with effect from April 2013 after consultation and subject to state aid approval. This is a direct result of concerted lobbying by the respective industries, including Olswang on … Continue reading Fantastic day for the UK Creative Industries
After weeks of speculation, the Government has broken its silence on the topical issue of video games and decided to axe the relief announced by their predecessors. At a time when the UK needs to stimulate business in the UK this is very disappointing news. We are surprised that a relief aimed at keeping this growing and innovative industry in the UK was described as “poorly … Continue reading Video Games Tax Relief gets axed