Yesterday George Osbourne’s Budget 2012 revealed the establishment of tax credit schemes for the production of video games, animation and “high-end” TV production firms in Britain.
This tax break has been instigated specifically to stimulate domestic and international investment in certain, selected UK creative industries. Speaking in response, Managing Director and founder of aka, Adam Kenwright said:
“Whilst we welcome the government’s new tax breaks for the video game, animation and TV industries, it is scandalous and incredibly short-sighted to overlook the enormous benefit that the UK continues to derive from its commercial and subsidised theatre sector. The cuts in public-funded arts grants made to cultural bodies and organisations last year were nearly catastrophic and it is testament to their vision and artistic excellence that they managed to survive. Indeed in several instances, despite the odds, the UK theatre and live entertainment sector continues to create huge success both in the UK and internationally.
Various governments for the past 20 years have worked with the UK film industry to encourage entrepreneurial investment and reward major philanthropic giving to the UK film industry.
It is now vitally important that this government acknowledges the value of theatre projects and encourages further tax breaks for all contributions for performing arts and live entertainment to the, as well as credits for investment into both commercial and subsidised theatre production companies.
This investment into new theatre would create jobs and help drive a multi-billion pound tourism, entertainment and arts industry that will sustain the UK as the very best producer of theatre worldwide.”
Read more about the effect of the Budget 2012 on the UK’s creative industries here