Stamp duty land tax (SDLT) can be a substantial one- off cost when purchasing land and property. With an increase in property prices the SDLT payable…
The tax credit rates on the cultural reliefs – Theatre Tax Relief, Orchestra Tax Relief and the Museums and Galleries Exhibition Tax Relief – have been increased with immediate effect from 20/25% to 45/50%, providing a welcome boost to cashflows for these entities in difficult times.
The enhanced tax credit will remain available until April 2023, at which point they will be reduced to 30/35% for one tax year, reverting to their original level in April 2024.
The expiration of the Museums and Galleries Exhibition Tax Relief is delayed from April 2022 to April 2024 as a result of these amendments.
For more Autumn Budget analysis, visit our Budget hub.