The government has published revised draft regulations setting out the cultural test that a company must pass to qualify for the new corporation tax reliefs for high-end television production, animation production and video game development included in the Finance Bill 2013. The original draft of the regulations was published in December 2012. The revised draft regulations contain changes intended to reflect the consultation responses and to respond to the request of the European Commission, which has approved the relief for television programmes but is to investigate the relief for video games. As well as amendments to terminology (including the personnel involved in video games development), the changes include an amended method of awarding points and more restrictive rules on the way points must be distributed. The draft regulations have been published so that those potentially seeking relief can assess their eligibility.
Please contact Chris Evans of Druces LLP’s Corporate & Commercial team if you need any help on these draft regulations or planning for the new corporation tax reliefs