Chancellor George Osborne has announced in his budget today, that theatre productions are to benefit from a major new tax relief scheme that will come into effect from Autumn 2014.
From 1st September 2014, regional touring shows will have a 25% tax relief applied, while other productions will be eligible for a 20% tax credit.
Plays and musicals together with other live performances including opera, ballet and dance are included in this new initiative.
In his speech today, Chancellor Osborne said: “We’re supporting our creative industries too. The European Commission has today approved the extension of our film tax credit – and I will apply the same successful approach to theatre, especially regional theatre. From this September there will be a 20% tax relief for qualifying productions, and 25% for regional touring.”
The Treasury said it wanted to recognise the “unique value that the theatre sector brings to the UK economy”.
Duty is also reduced on Bingo Halls.
Wednesday 19th March 2014
