2014 Budget Announcement Reaction

Chancellor George Osborne announced an
unexpected bit of good news for the theatre industry in the Budget today/weds.

Rather than introducing Theatre Tax Relief in 2015, the Chancellor revealed it
is due to take effect in September this year.

Anthony Pins, a partner at entertainment accountants Nyman Libson Paul and who
specialises in theatre, said: “Tax relief for theatre was heavily trailed in
the Autumn Statement back in December.

“We were expecting it to pretty much follow in the footsteps of the existing
film and TV tax credit system and from what we’ve heard today, this seems to be
the case.

“What is new is the timing. It is being introduced well ahead of when everyone
was expecting it and this is welcome news for theatre.”

The government is launching a formal
consultation on the detail of the tax relief scheme.