Conor McGinn MP posed a parliamentary question on 20 July 2023, directed at the Chancellor of the Exchequer. The question inquired whether the Chancellor had engaged in discussions with relevant stakeholders regarding the potential use of tax incentives to promote investment in the creative industries.
In response, Victoria Atkins MP highlighted that the UK currently provides eight tax reliefs for various creative sectors, including film, high-end TV, animation, children’s TV, video games, orchestras, theatres, and museums and galleries exhibitions. These tax reliefs have played a crucial role in stimulating growth and attracting investment to the UK’s world-leading creative industries. Notably, inward investment in UK film and high-end TV reached a record figure of more than £5.3 billion in 2022.
The Chancellor has recognized the creative sector as a priority for economic growth and regularly engages with stakeholders on the matter. This engagement was evident through the hosting of the Creative Industries Conference on 3 May 2023, which brought together industry leaders and stakeholders to discuss strategies for further advancing growth within the sector.
It’s worth noting that the UK Government continuously reviews the tax system, and any potential changes to tax reliefs would follow the standard fiscal event process, ensuring appropriate communication and transparency.
Arts: Tax Allowances
Treasury
20 July 2023
Conor McGinn: To ask the Chancellor of the Exchequer, whether he has had discussions with relevant stakeholders on the potential to use tax incentives to encourage investment in the creative industries.
Victoria Atkins: The UK offers eight creative industry tax reliefs for film, high-end TV, animation, children’s TV, video games, orchestras, theatres and museums and galleries exhibitions. The reliefs have a key role in stimulating growth and encouraging investment in the UK’s world-leading creative industries. Inward investment in UK film and high-end TV reached a record figure of more than £5.3 billion in 2022.
The Chancellor has identified the creative sector as a priority for economic growth. The Chancellor regularly engages stakeholders, including through the Creative Industries Conference which the Chancellor hosted on 3 May 2023. The conference brought together industry leaders and stakeholders from across the creative industries and covered a range of issues related to driving further growth in the sector.
The Government keeps the tax system under continuous review. Any changes to tax reliefs would be communicated through the normal fiscal event process.