HMRC pay out to creative industries up 16% with increases across all sectors
New statistics published today show that HMRC paid out £2.2bn in creative industries tax reliefs for the year to 31 March 2023 – a 16% increase from the previous year (£1.9bn).
This was largely due to a significant rise in high-end TV reliefs which rose by 13% to £1,107m and continues to represent half of all creative sector payments made. Video games incentives increased by 10% to £282m. There was also a strong increase for theatre tax relief by 171% to £178m and although much of this can be attributed to the impact of Covid, it is good to see these reliefs have been helping the sector to bounce back.
This is good news for all sectors and shows the importance these reliefs have in growing and sustaining a supportive ecosystem in the UK for the creative industries.
Will Simpson, creative sector director at RSM UK said: “With high-end TV continuing to show such strong results, these figures demonstrate the UK’s ability to attract international studios to produce high quality content here, helped by our incentives and world class facilities and talent.
“The UK is recognised as a heavyweight in the video games industry, but the sector has faced significant headwinds during the last 12 months as businesses adapt to changes in market conditions. With all these challenges the tax incentives have become an increasingly important means of attracting investment to the UK.
“These creative industry incentives continue to be a huge success story for the UK, and it’s been good to see the new government extol the importance of the creative sector to the whole country. At a time when consumer spending has tightened and budgets are being cut, it’s even more important to demonstrate stability to these reliefs to attract inward investment and support the sector.”
