Abbey Tax, Relief Funding Takes Centre Stage

    Abbey Tax’s Incentives and Reliefs division has launched a brand new Theatre Tax Relief (TTR) service as part of its growing involvement in this sector.

    The relief aims to recognise the cultural value theatre brings to the UK and promote greater and more diverse theatre productions by offering companies in the sector a reduction in their corporation tax liability, or a repayable credit.

    John Moxon, Director of R&D Tax Services, said: “TTR enables qualifying theatrical production companies to benefit from an increased amount of available expenditure in order to stage a greater number of multi-culturally diverse and accessible performance arts.

    “TTR is integral to HMRC’s wider group of eight Creative Industry tax reliefs and is an exciting development as part of our Incentives and Reliefs portfolio. At Abbey Tax, we are proud to offer our expertise to help deliver this investment where it is needed most, in a sector where funding is often a major challenge.

    “I would urge all qualifying companies to get in touch with us so we can decide on the potential scope for a successful claim and maximise corporation tax relief opportunities.”  

    To qualify, a production must meet the following three criteria:

    • The production must be a live theatrical production (play, opera, musical or ballet)
    • The production company must intend to run the live performances either for paying members of the public or for educational purposes
    • At least 25% of the core expenditure on the production must be incurred in the European Economic Area (EEA)

     

    The full Creative Industry tax reliefs portfolio includes:

    • Film Tax Relief (FTR)
    • Animation Tax Relief (ATR)
    • High-end Television Tax Relief (HTR)
    • Children’s Television Tax Relief (CTR)
    • Video Games Tax Relief (VGTR)
    • Theatre Tax Relief (TTR)
    • Orchestra Tax Relief (OTR)
    • Museums and Galleries Exhibition Tax Relief (MGETR)

     

    For more information on Theatre Tax Relief or any aspect of Abbey Tax’s Creative Industry tax reliefs service, contact Mark Wood or Dr Neil Bowden or call 0114 236 4457.

    For further information, photos and interview requests, please contact:

    Mark Hillier, Marketing Executive       
    T:  01788 702735
    E:  m.hillier@abbeytax.co.uk

    About Abbey Tax
    Founded in 1996 and based in Rugby, Abbey Tax is one of the UK's leading providers of fee protection and tax and funding consultancy services to accountancy firms. The business works with over 3,000 accountancy practices and their clients across the UK.

    Abbey Tax is a trading division of Abbey Tax and Consultancy Services Limited, whose ultimate holding company is Markel Corporation.

    For more information about Abbey Tax, please refer to www.abbeytax.co.uk.