How is theatre tax relief calculated?
The amount of theatre tax credit is proportional to the amount you spend on a production. The more the costs or the higher the number of theatre productions, the higher the reward. On average by claiming TTR a production company can reduce its ‘core expenditure’ costs by 20-25%.
Who can claim theatre tax relief?
Your company can claim Theatre Tax Relief if: it puts on one of the following qualifying theatrical productions: a play, opera, musical or other dramatic piece, where the performances are live and the performers give their performances wholly or mainly through the playing of roles. a ballet.
Can a charity claim theatre tax relief?
The company must qualify as a theatre production company. The production is a theatrical (dramatic) production and is not an excluded category production. Production is intended for live performances – for paying general public or for educational purposes.
What is theatre tax?
The Government introduced Theatre Tax Relief in 2014 to support theatrical production companies. Companies are able to receive a cash payment or reduction in corporation tax for producing a qualifying theatrical production.
How does film tax relief work?
UK Film Tax Relief (FTR)is available for all British qualifying films of any budget level; the film production company can claim a payable cash rebate of up to 25% of UK qualifying expenditure. There is no budget limit.
What is Orchestra tax relief?
Orchestra Tax Relief (OTR) is a government initiative that means instrumental groups could receive a payment from HMRC equal to a percentage of their production costs. Despite being called ‘Orchestra Tax Relief’: you don’t have to be paying tax to claim it.
What is EEA expenditure?
European expenditure is expenditure on goods or services that are provided from within the UK or EEA. If non-European core expenditure is not more than 20% of total core expenditure, it will have no bearing on the amount of TTR a TPC can claim.