SOLT and UK Theatre’s survey shows the Theatre Tax Relief has enabled more touring, employment and risk-taking in theatre
SOLT and UK Theatre have released the findings of their recent survey of the new Theatre Tax Relief. The report indicates that there have already been over 60 successful applications for the Theatre Tax Relief since it became available in September 2014, with many saying that the relief had allowed them to be more adventurous, and compensated for reductions in funding from other sources.
Findings from the survey indicate that
• Applicants are balanced between commercial and not-for-profit organisations
• A balance of theatres and production companies have applied for the relief
• The majority of claims were for solo productions
• The majority of claims were at 20%, with just over a third at the 25% rate for touring productions
• The value of claims has ranged from over £750, 000 to just under £5, 000
Many successful applicants cited the SOLT and UK Theatre briefings on the Tax Relief as useful, and there was a clear call for further support and guidance from those who are yet to claim. Respondents asked for successful applicants to share their experiences, for more guidance in specific areas such as how to claim as a charity, or through a special purpose vehicle, and asked for specific help on VAT and Cultural Exemption.
UK Theatre will schedule further seminars on the Theatre Tax relief in the autumn.
When asked ‘What has this enabled you to do that might otherwise not have been possible?’ respondents said the relief had allowed them to be more adventurous, to undertake audience development work, to employ more people, and simply to offset reductions in their funding from other sources.
Julian Bird, Chief Executive of SOLT and UK Theatre said;
“This is a promising start, and shows very clearly that many more theatres and companies could be benefiting from the Theatre Tax Relief. SOLT and UK Theatre want to offer more support to the industry to bring more money in through the Theatre Tax Relief. We’ll share this valuable feedback with HMRC and we’ll run further seminars across the UK to help people understand how to access it.”
Date Published: 11 May 2016