Support for Theatre Tax Relief is building in the House of Commons in response to SOLT & UK Theatre advocacy work on the Finance Bill. The legislation will change the way that Theatre Tax Relief (TTR) operates so SOLT & UK Theatre are working hard to ensure that that this essential relief continues to enrich and sustain our industry.
This week, James Murray, the Shadow Financial Secretary to the Treasury said:
“The Opposition wholeheartedly support the UK’s world-class theatres and actors, and the creative sector more broadly, and we welcome any measures to support their work. However, I would like to raise concerns noted by the Society of London Theatre and UK Theatre in relation to guidance and consistency of claims for theatre tax relief…We know that the Government do not always have the best record when it comes to supporting members of the creative community to tour and export their productions overseas, and so I would like to ask the Minister what guidance will be issued to make sure UK creative exports are protected and not inadvertently hit by technicalities in the wording of the tax relief rules”.
Nigel Huddleson MP, Financial Secretary to the Treasury responded on behalf of the government stating that HMRC are currently working on guidance to clarify the changes to cultural tax reliefs.
“I think we have addressed the vast majority of the issues that were raised during the consultation. Further guidance is needed and will be provided”.
The government has stated that TTR will drop down to 30% for non-touring productions and 35% for touring productions on 1st April 2025. SOLT & UK Theatre continue to call for the higher rate (40/45% to be maintained in perpetuity). So you are aware, we will will be surveying members about the impact of the higher rate of TTR shortly. Expect to see the survey by the end of January.