Does your company produce musicals, dramas, operas, dance performances or put on exhibitions? If so, your company could claim a creative industry tax relief.
What are the creative industries
‘Creative industry’ is a collective name given to companies acting in the arts, including the following areas:
- Theatre
- Orchestra
- Museums and galleries
Companies operating in these areas can qualify for tax reliefs specific to each industry.
What qualifies for tax relief
For theatres, orchestras, museums and galleries making a claim on qualifying productions, the cost of developing, producing and closing the production should be eligible for additional tax relief.
What tax relief could be received
The additional tax relief mentioned above could generate a loss and, subject to conditions, the loss could be surrendered for a repayment at the applicable rate for the industry. These rates vary from 45% to 50% up to 31 March 2025 and fall to 40% to 45% from 1 April 2025.