Theatrical and Arts charities enjoy a Budget boost!
James Clark, Tax Director at WR Partners
By James Clark, Tax Director
There was welcome news for theatre, orchestra, and museum & gallery charities after the Autumn Budget, when Chancellor Rishi Sunak announced a temporary increase to the creative industries tax reliefs. Charities who operate through a company can claim a valuable tax credit for certain expenditure incurred in putting on a qualifying production or exhibition.
From 27 October 2021, the rate of tax relief for theatre and museum & gallery charities will increase from 20% (non-touring productions & exhibitions) and 25% (touring), to 45% and 50% respectively. From April 2023 the rates will reduce to 30% and 35%, before returning to their current 20% and 25% from 1 April 2024, although the museum & gallery tax relief will cease to exist on 1 April 2024.
Similarly, from 27 October 2021 the orchestra tax relief rate will temporarily increase from its current 25% level to 50%, before reducing to 35% from 1 April 2023 and returning to 25% on 1 April 2024.
WR Partners has extensive experience in claiming back valuable tax relief for charities. For more information contact our charities tax team on 01743 273273.
