Creative Sector Tax Reliefs
In order to be eligible for these reliefs, productions must be certified by the Department of Culture, Media & Sport (DCMS) as ‘Culturally British’. Points will be awarded by the DCMS for factors such as cultural content (UK characters or settings), cultural contribution, cultural hubs (the use of UK facilities) and cultural practitioners (UK personnel) with a minimum of 16 points required to qualify for the reliefs.
Once a certificate has been obtained, a claim for the tax relief is made on the company’s corporation tax return. Where it is envisaged that production or development will span a number of accounting periods, a provisional claim for relief can be made by obtaining an interim cultural certificate from the DCMS.
If you require further information please contact Paul Attridge or your usual Beavis Morgan Partner.