Changes to creative tax reliefs: everything you need to know
Watch our highlights of the recent changes to creative tax reliefs
From the start of this year, film, high-end TV, animation and children’s TV tax credits have been replaced by a single Audio-Visual Expenditure Credit (AVEC), while the video games tax relief has been replaced by the Video Games Expenditure Credit (VGEC). Under these new schemes, companies will receive an above the line tax credit based on qualifying expenditure, which will be subject to corporation tax, as opposed to the previous relief through deductions from profits. As a result, this change will have an impact on revenue margins, as well as the way expenditure is accounted for and relief received.
At this webinar, Moore Kingston Smith Tax Director Claire Robinson discussed the practical implications of the new schemes, as well as other changes that were introduced, and what it really means for production companies.
To discuss these changes to creative tax reliefs and how they may effect you, please contact us.