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.