answer text |
<p>The Government recognises the value of the UK’s world leading creative industries
and arts sectors.</p><p> </p><p>Since theatre tax relief (TTR) was introduced in 2014,
£392 million of relief has been paid out, supporting 17,820 productions as of the
year 2021-22. £62 million of orchestra tax relief (OTR) has been paid out since it
was introduced in 2016, supporting 2,640 productions as of the year 2021-2022.</p><p>
</p><p>At Autumn Budget 2021, the Government temporarily increased the headline rates
of TTR and OTR in recognition of the impact of the Covid-19 pandemic on these sectors.
The headline rate of relief for TTR was increased from 20 per cent (for non-touring
productions) and 25 per cent (for touring productions) to 45 per cent and 50 per cent.
From 1 April 2023, the rates will be reduced to 30 per cent and 35 per cent and will
return to 20 per cent and 25 per cent on 1 April 2024. The headline rate of OTR was
temporarily increased from 25 per cent to 50 per cent, reducing to 35 per cent from
1 April 2023 and returning to 25 per cent on 1 April 2024.</p><p> </p><p>Whilst the
Government keeps all tax reliefs under review, the Government is not planning to expand
the qualifying costs for OTR or TTR.</p>
|
|