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<p>The government recognises the value of the UK’s world leading creative industries.</p><p>
</p><p>The eight creative industries tax reliefs support and incentivise the production
of culturally British content. At Spring Budget 2023, the government went further
to support the creative industries through the tax reliefs.</p><p> </p><p>The government
extended the 45% (for non-touring productions) and 50% (for touring productions) rates
of the theatre, orchestra and museums and galleries reliefs for two years. The sunset
clause of the museums and galleries exhibition tax relief was also extended for two
years.</p><p> </p><p>The audio-visual tax reliefs will be reformed to refundable expenditure
credits, which will provide a greater benefit than the current reliefs. Film, high
end TV productions and video games will be eligible for a credit rate of 34% and animation
and children’s TV productions will receive a rate of 39%.</p><p> </p><p>At Spending
Review 2021 the government announced £50 million over the next three years to support
the creative industries, including supporting SMEs to scale up and providing bespoke
support for the UK’s independent film and video game industries.</p>
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