A 25% tax relief for touring productions and a 20% for others will be introduced in 2015.
By Naomi Agius, Rob Horgan, Drew Nichol and Carly Read
Tax breaks announced in yesterday’s Budget were music to the ears of South West London theatres.
Chancellor George Osborne revealed a 25% tax relief for touring productions and a 20% tax cut for other productions, to be introduced in 2015.
The arts community has struggled financially in recent years due to funding cuts from Arts Council England and local councils.
Lydia Palmese, 31, manager at the London School of Dramatic Art in South Kensington, expects start up companies and graduates to benefit from the new tax regulations.
She said: “It is lovely to see a government taking an interest in the arts again.
“Every little helps. It is not the end of the battle but it is certainly a step in the right direction.”
The UK’s largest theatre ownership, the Ambassador Theatre Group, manager of New Wimbledon Theatre, praised the proposed tax cuts.
An ATG spokesperson said: “It is great news for the industry and the creative sector as a whole and we think it will provide a considerable boost to production especially outside central London.”
The new tax regulations are predicted to be worth £15million supporting the cash-strapped industry and raising interest in the arts.
Aspiring actress, Megan White, 21, of Croydon, said: “The new tax relief gives me a real boost of confidence as I believe it will have a positive impact on actors around the UK.
“As a young actress I know how difficult it is to promote small touring productions and find funding for small tours.
“I believe that this could transform theatres.”
Photo courtesy of Jim Linwood, with thanks.
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