Chancellor George Osborne today/thurs announced that he will launch a consultation early next year on limited tax relief for commercial theatre productions and targeted tax relief for theatres investing in new works, or touring productions to regional theatres.
Reacting to the news, Anthony Pins, a partner at entertainment accountants Nyman Libson Paul who specialise in theatre, said: “The theatre is one of the UK’s great creative industries, and in turn provides substantial wider economic benefit to associated sectors, such as tourism.”
“We applaud this initiative to provide tax relief for the commercial theatre industry and would welcome the opportunity to provide our input into the consultation process in due course.”
“Commercial theatre production, and the support of new writing and provincial tours, is highly risky and increasingly expensive, and any tax-driven incentive can only have a positive impact.”
The Chancellor announced that he intends to introduce new support for theatres from April 2015 that recognises the unique value that the theatre sector brings to the UK economy.