MP urges local theatres to make use of new tax relief
Geoffrey Cox, Member of Parliament for Torridge and West Devon, is urging theatres and other cultural venues across his constituency to take advantage of the new Theatre Tax Relief which became available from September 1, 2014.
The new scheme provides support for theatres across the country, bringing productions to new audiences as well as promoting economic growth and widening opportunities for people to participate in the arts.
It can apply to a range of live performances including plays, musicals, opera, ballet and circus productions and will provide an additional corporation tax deduction, or a payable tax credit, worth up to 25% of qualifying expenditure for touring productions and 20% for all other productions.
Geoffrey said: “Theatre is perhaps the most vital element of our nation’s cultural life, evidenced by the fact that well over half the UK population visit the theatre each year, and I am therefore extremely pleased that this tax relief has been introduced.
“In rural areas such as Torridge and West Devon, theatre and the arts provide an important centre point for communities who are otherwise quite isolated. Theatre is also a key asset for the tourism industry, with tourists across the UK spending at least £850 million a year on arts and culture.
“I very much hope that this new scheme will bring real assistance to the local and regional theatres and art centres in Torridge and West Devon, such as The Plough in Great Torrington. It is another measure to keep local and regional theatre alive, following on from the decision earlier this year to raise the income threshold at which a charity must have its accounts audited to £1million.”
(from a press release)