Creative Industries Tax Relief (CITR) aims to assist technical innovation and company growth.
Creative Industries Tax Relief
Creative Industries Tax Relief (CITR) aims to assist technical innovation and company growth in order to maintain the UK’s position as a leader in the creative industry.
They are a group of eight Corporation Tax reliefs that allow qualifying companies to increase their amount of allowable expenditure. This can reduce the amount of Corporation Tax the company needs to pay.
For the year ended 31 March 2021, the three highest contributors in terms of creative industry tax reliefs paid out were: film tax relief (£611 million), high end television (£380 million) and video games tax relief (£180 million).
What can be claimed back?
R&D Tax Credits are calculated based on enhancing expenditure for research and development work, as the UK Government aims to reward innovation for SMEs and large companies.
Your company can claim creative industry tax reliefs if it’s:
- liable to Corporation Tax
- directly involved in the production and development of:
- video games
- theatrical productions
- orchestral concerts
- museum or gallery exhibitions
- high-end television
- children’s television
- animation television