TaxPersonal TaxMusic industry bids for tax incentives

Music industry bids for tax incentives

With the UK music industry readying itself for its annual shindig at the Brit awards ceremony next week, tax experts are stepping up the pressure on the government to extend tax incentives currently enjoyed by the film industry to the vibrant music business.

The government has thrown its fiscal weight behind domestic film production by introducing measures that let companies write off the cost of making or buying films worth less than #15m against tax.

Now, tax partners from Big Five firms are lobbying the government through the informal industry grouping the Association of Music Industry Accountants to extend those breaks.

Charles Bradbrook, a tax partner at Deloitte & Touche, said the government should allow business to re-invest in the live performing arts, which would support the next generation of Britpop stars hoping to emulate the likes of Robbie Williams (above), who is up for a record six Brit awards at next week’s ceremony.

‘If you have a company where the majority of income is royalties any re-investment doesn’t qualify for tax relief,’ said Bradbrook.

Related Articles

LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

2d Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

2w Emma Smith, Managing Editor
HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

2m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

4m Alia Shoaib, Reporter
Italy grants first successful non-dom status application to former UK non-dom

Personal Tax Italy grants first successful non-dom status application to former UK non-dom

4m Emma Smith, Managing Editor
Industry reaction: Taylor Review does not go far enough in addressing tax issues

Legal Industry reaction: Taylor Review does not go far enough in addressing tax issues

5m Alia Shoaib, Reporter
Does the Taylor Review sufficiently address the gig economy?

Corporate Tax Does the Taylor Review sufficiently address the gig economy?

5m Alia Shoaib, Reporter