Member Article

Yorkshire arts community welcomes 25% tax break

The regional performing arts community has welcomed the launch of consultation for a new theatre tax relief that will support local venues as well as touring productions.

Announced during the recent Budget, the tax break will offer a relief rate of 25% for qualifying touring productions and 20% for other qualifying productions.

The proposed tax relief forms part of the government’s commitment to supporting the creative industries, highlighted in its Plan for Growth as having the potential to drive significant growth in the UK.

Chancellor of the Exchequer, George Osborne, said: “The UK has some of the most innovative and exciting theatre companies in the world and is known for its ground breaking productions. I want to make sure the industry continues to thrive.

“I recognise the cultural and economic value the theatre sector brings to the UK economy. That’s why I am introducing a theatre tax relief which will support our UK theatres up and down the country.”

Richard Mantle, general director of Leeds-based Opera North, commented: “We enthusiastically welcome the Chancellor’s initiative to create a new theatre tax relief, especially with a focus on touring, which will stimulate creative industries and culture in the regions.

“We create an extensive programme of ground-breaking productions which are made to tour throughout the North.

“This inspired initiative will safeguard our continued investment in creative work and ensure that we, along with our colleagues in theatre, ballet and dance, can continue to bring high quality live performances to the greatest number of people.”

Sarah Maxfield, northern area director for the Arts Council: added: “The performing arts make a significant contribution to the UK economy and our quality of life – and the theatre tax relief is important recognition of that.

“The scheme will help to create an environment where creative risks can be taken, and where work can be more easily produced and toured.”

Janthi Mills-Ward, executive director at Hull Truck Theatre said: “The chancellors announcement on tax relief on production costs was very welcomed support highlighting the value the arts plays in today’s society.

“As we build to HULL2017 this is extremely good news and a great opportunity for growth within the industry.”

Liz Wilson, chief executive of York Theatre Royal, echoed that view. She commented: “The new tax relief, which will support theatres, is very good news and especially for a regional theatre like York Theatre Royal.

“We produce our own shows as well as receive touring productions. The tax relief announcement also demonstrates that the Chancellor understands the value of regional theatre and the contribution it makes to the UK economy.

“It’s great to see the creative industries being supported in the 2014 budgets.”

This was posted in Bdaily's Members' News section by Clare Burnett .