Consultation – tax reliefs for the animation, high-end television and video games industries
The Government plans to introduce the above reliefs from April 2013. A consultation document on the proposed new tax reliefs has been published for comment.
The proposal is to introduce targeted tax reliefs based on the existing film tax relief model. Slightly different rules are proposed for each of the three creative sectors and amounts of relief will depend on the level of ‘core expenditure’ but the relief is likely to be an additional deduction from profits and the ability to surrender losses for a payable tax credit.
The definition of ‘core expenditure’ will be finalised after the consultation. However, the Government expects that the types of expenditure allowable will be broadly similar to a definition of core expenditure for film tax relief, i.e. expenditure directly incurred in the production excluding the costs of financing, advertising, etc. The qualifying core expenditure is proposed to include all production costs that are integral to the production process itself, including relevant pre- and post- production costs.
Date: 27th July, 2012
Articles from this Author
20th July, 2017
Uncertain times for winding up transactions
3rd July, 2017
9th June, 2017
27th April, 2017
Government places Making Tax Digital legislation on hold
Contact Business Service Partners
Choose from the drop down menu below to select a Partner to contact.
“Good luck to everyone who has also made it as a finalist, I look forward to awards evening later on in the year”-L… twitter.com/i/web/status/8…
For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole