Theatre producers received some good news in this year’s Budget when Chancellor George Osborne confirmed his plans to introduce a new tax relief scheme.
In an unexpected twist, the Chancellor announced that the new Theatre Tax Relief (TTR) is due to come into force in September of this year, earlier than originally planned.
Back in December when Mr Osborne trailed plans for the scheme in his Autumn Statement, he said it wouldn’t be introduced until 2015.
Anthony Pins, a partner at entertainment accountants Nyman Libson Paul and who specialises in theatre, said: “The timing has come as an additional boost, and the theatre world needs to get ready so producers can take advantage of the tax breaks that the scheme will offer as soon as it goes live .
“Details are sketchy at the moment but as we anticipated the scheme will work along very similar lines to Film and TV Tax Credits, an area in which we have extensive experience gained in the 7 years since that relief was introduced
“As soon the final detail is available, we will prepare a factsheet and plan to run a series of free seminars to explain how Theatre Tax Relief will work.”
People can register their interest now by visiting our TTR signup page.
Mr Pins added: “What we know now is that the headline rates will be 25% for touring productions and 20% for others, and that relief will be applied to a maximum of 80 % of production costs. Of course this means the “real” rate of relief will in fact only be 20% or 16% respectively!
“The rest of the detail will emerge once the Government has finished its formal consultation. Anyone who registers their interest will be kept up to date with all the developments.”