Policy paper

Reform of audio-visual creative tax reliefs to expenditure credits

This measure is about the reform of the film, TV and video games tax reliefs to expenditure credits.

• From: HM Revenue & Customs
• Published: 18 July 2023
• Last updated: 18 July 2023 — See all updates

Documents

Reform of audio-visual creative tax reliefs

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Draft legislation

PDF, 1.9 MB, 64 pages

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Draft legislation (accessible version)

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Explanatory note

ODT, 52.4 KB

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Explanatory note (accessible version)

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Details

This measure confirms that the audio-visual tax reliefs will be reformed to above-the-line expenditure credits, similar to the Research and Development Expenditure Credit.

The Audio-Visual Expenditure Credit will replace the:

• Film Tax Relief
• High-End TV Tax Relief
• Animation Tax Relief
• Children’s TV Tax Relief

The Video Games Expenditure Credit will replace the Video Games Tax Relief.

Film, high-end TV and video games will be eligible for a credit rate of 34%. Animated film and TV and children’s TV will be eligible for an uplifted rate of 39%.

The expenditure credits will be available to claim from 1 January 2024. New productions must claim under the new expenditure credits from 1 April 2025 and all productions must claim under the expenditure credits from 1 April 2027 when the current tax reliefs will end.

Published 18 July 2023
Last updated 18 July 2023 + show all updates

1. 18 July 2023

   An accessible version of the draft legislation has been added.

2. 18 July 2023

   First published.