VAT in the UK for E-commerce Businesses
March 20, 2023
Spring Budget 2023: Changes in Alcohol and Tobacco Duty Rates
March 22, 2023
Spring Budget 2023 Extends Creative Industry Tax Reliefs for Two More Years
The Chancellor has announced the extension of temporary higher rates for Theatre Tax Relief (TTR), Orchestra Tax Relief (OTR), and Museums and Galleries Exhibitions Tax Relief (MGETR) as part of the Spring Budget 2023 measures.
These Creative Industry Tax Reliefs (CITR) will be extended for two more years from 1 April 2023, allowing qualifying companies to claim more significant deductions or payable tax credits when calculating taxable profits.
The MGETR sunset clause, initially set for 31 March 2024, will be extended to 31 March 2026. As a result, the TTR and MGETR headline relief rates will stay at 45% (non-touring productions) and 50% (touring productions), while OTR rates will remain at 50%. On 1 April 2025, rates will decrease to 30% and 35%, and on 1 April 2026, TTR and MGETR headline relief rates will return to 20% and 25%, with OTR rates returning to 25%.
From 1 April 2024, film, TV, and video games tax reliefs will transition to expenditure credits rather than additional deductions.
