The Chancellor, Jeremy Hunt MP, yesterday presented his Spring Budget 2023 to the House of Commons.
We welcome news in yesterday's budget that the Government will extend theatre, orchestra, and museums and galleries tax reliefs for two further years from April 2023. We are grateful to the Chancellor and the Secretary of State for Culture, Media, and Sport for their support for the cultural sector.
Here is a a summary of the changes to theatre, orchestra, and museums and galleries tax reliefs:
- The rates of the theatre, orchestra and museums and galleries tax reliefs will remain at 45-50% for a further two years, until April 2025.
- The sunset clause of the museums and galleries tax relief will be extended until April 2026.
- The Government are changing the qualifying expenditure for these tax reliefs to expenditure on goods and services that are used and consumed in the UK
- Productions that have not concluded by 1 April 2024 may continue to claim European Economic Area expenditure until 31 March 2025.
Our Chief Executive, Darren Henley, yesterday said:
We're grateful to Chancellor Jeremy Hunt and DCMS Secretary of State Lucy Frazer for their continued recognition of the important role that our theatres, orchestras, opera and dance companies, museums and galleries play in the life of our nation. Today's announcement will enable cultural organisations to continue to innovate, to support jobs, to develop new work in towns and cities across the country, and to excite and entertain the nation.
Find out more about Treasury's Spring Budget>