The UK proposed a variety of tax breaks for small businesses in its Spring 2024 budget released Wednesday, along with plans to curb tax avoidance, implement reporting rules for crypto assets and new measures to regulate tax advisors.
Among the planned tax breaks included in the Budget were £1 billion ($1.28 billion) for the creative industries, which includes film studios, theaters, orchestras, museums and galleries.
A new Independent Film Tax Credit would allow eligible films to opt-in to claim an enhanced Audio-Visual Expenditure Credit at a rate of 53% on qualifying costs. Films must only have production budgets of ...
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