The UK government just announced a temporary increase in certain Creative Tax Credits.
This enhanced credit is in response to the struggle the Live Entertainment Sector is experiencing. The sector was hit particularly hard by the pandemic, with all shows stopping and is only seeing a slow recovery still far from full capacity.
For Live Theatre that qualifies the credit will be 45%-50% of eligible expenses from Oct 27, 2021 through March 31, 2023. For fiscal year starting in 2023 the credit will be 30% – 35%. Fiscal years starting in 2024 and beyond will revert back to where the credit was prior to these changes at 20%-25%.
For questions about this or any cross-border theatre matters please contact a Withum advisor.
Contact Withum’s team of professionals if you have any questions or concerns.