Yesterday’s Budget brought some good news for the performing arts.
The Chancellor is extending the tax breaks offered to film to theatres and touring companies. Performing arts companies, including those putting on dance, opera and plays, will be get a tax break of 20%. Regional companies that tour will get a 25% tax break on any initial investment.
After the cuts seen recently this is a welcome move and reflects the ‘unique value that the theatre sector brings to the UK economy’. The Treasury estimates that it is worth up to £15m a year.