The Chancellor, George Osborne, delivered his Autumn Statement on 3 December 2014. This legal update summarises the key media announcements.
The Chancellor, George Osborne, delivered his Autumn Statement on 3 December 2014. The key announcements for the media sector are as follows.
The government will introduce a new corporation tax relief for making children's television programmes with effect from 1 April 2015. The relief will be at a rate of 25% on qualifying production expenditure. The government is also planning to consult with the television industry on a possible reduction of the minimum UK expenditure for high-end TV relief from 25% to 10% and a modernisation of the cultural test in line with the cultural test applied for film relief. There will also be a consultation early in 2015 on the introduction of an orchestra tax relief from 1 April 2016.
There has been a considerable increase in the reliefs available for cultural and creative sector activities in the last three or four years, see Practice notes, Film tax relief and Theatre tax relief.