Corporation Tax relief for the animation, high end TV and video games industries, ("creative industry tax credits") is available from 1 April 2013, as announced in the 2012 Budget, reports Harris & Co Accountants Northampton. As these reliefs closely follow the existing Film Tax Relief, HMRC is expanding the existing Film Tax Unit to cover the new creative industry tax reliefs as well as film.
As for film the creative industry tax credits need State aid approval and the UK Government has submitted State aid notifications for each relief on the basis of a Cultural test. If State aid approval is granted, the legislation will be included in the Finance Act 2013 subject to it receiving Parliamentary assent in summer 2013.
The Creative industries team will from 1 April 2013:
•accept claims for the reliefs
•assess these claims (subject to State aid approval)
•provide advice on the reliefs to companies and their representatives within these industries
Guidance incorporating all Creative Industry Reliefs will be published on HMRC’s web page when all details are finalised.
Further details are available from HMRC.