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<p>Since 2010, the Government has supported the success of the creative industries with tax reliefs across the board: from film and TV, to animation, video games, children’s TV, animation, orchestras, museums and galleries, and theatre.</p><p>All in all, our screen sector tax reliefs alone are estimated to have delivered over 200,000 new jobs and more than £13 billion in Gross Value Added (GVA).</p><p>These tax reliefs have played a vital role in making the UK’s creative industries world leading, attracting investment and generating jobs and economic growth across the country.</p><p>The Department for Culture, Media and Sport’s Ministers and officials regularly engage with my HM Treasury counterparts on matters relating to the creative industries, including on cultural sector tax matters.</p><p>Reforms to the film, TV and video games tax reliefs were announced at Autumn Statement 2022 and were subject to a 12-week policy consultation. HM Treasury met with creative industry stakeholders during this consultation period.</p><p>Draft legislation for these reforms, and for separate technical clarifications to the cultural tax reliefs for theatres, orchestras and museums and galleries tax reliefs were published in July 2023. The draft legislation was also subject to a 12-week consultation. HM Treasury met with creative industry stakeholders during the consultation period.</p><p>To maximise the potential of the UK’s cutting-edge production industry and help incubate unique British talent, the Government’s Audio-Visual Expenditure Credit and the Video Games Expenditure Credit came into force on 1 January 2024.</p> |