From the start of this year, film, high-end TV, animation and children’s TV tax credits have been replaced by a single Audio-Visual Expenditure Credit (AVEC), while the Video Games Tax Relief (VGTR) has been replaced by the Video Games Expenditure Credit (VGEC). Under these new schemes, companies will receive an above the line tax credit based on qualifying expenditure, which will be subject to corporation tax, as opposed to the previous relief through deductions from profits. As a result, this change will have an impact on revenue margins, as well as the way expenditure is accounted for and relief received.
While we are in this transition period, we will be hosting a webinar to discuss the practical implications of the new schemes, as well as other changes which were introduced, and what it really means for your production company. Points for discussion will include:
The new regimes
- Similarities with existing regimes, including a recap of the main qualifying conditions
- How the new AVEC and VGEC will operate
- Connected party transactions and other anti-avoidance provisions
- Administrative changes to the creative industry reliefs
Transition and practical implications
- When is a good time to transition to the new scheme? (Compulsory for all new productions commencing from 1 April 2025, and the old schemes will be abolished on 31 March 2027)
- How do you apportion costs straddling the qualifying periods?
- Presentational impact on the financial statements and related group accounting policies
This is Webinar being held on Tuesday, 27th February from 10:00 - 10:45 over Zoom. Please Register now to attend.