NEWS: Theatre Tax Relief – supporting new work and creative development
12 February 2024
Theatre Tax Relief – supporting new work and creative development
Why is it important? Theatre Tax Relief takes the risk out of producing and developing new work, crucial for us and our wider industry to help boost growth in the creative economy.
What is Theatre Tax Relief?
Theatre Tax Relief can be claimed by theatre companies against the costs of developing and creating new productions. Which means it actively encourages the development of new work, something we at Nottingham Playhouse are passionate about.
A higher rate of Theatre Tax Relief was introduced during the pandemic to support theatres and its extension to April 2025 meant that as soon as we were able to re-open, we could start producing world class theatre on our stages once again.
Some recent productions supported by Theatre Tax Relief
What’s it’s impact?
At Nottingham Playhouse, we have many examples of new productions developed with the aid of TTR. Our 2021 production of Mark Gatiss’ A Christmas Carol: A Ghost Story attracted attendances of 16,236 at Nottingham Playhouse and 30,109 at Alexandra Palace in London when it transferred. It was then screened in 500 cinemas across 12 territories and broadcast on BBC4.
Theatre Tax Relief has contributed to us planning our upcoming production of Minority Report, a challenging futuristic thriller, which demands innovation and pushing the boundaries of technology in theatre.
In September, our brand new version of Dear Evan Hansen is directed by Adam Penford and opens at Nottingham Playhouse, before embarking on it’s first UK tour; another creative endeavour supported by Theatre Tax Relief.
Theatre Tax Relief will contribute to the stated aim for the UK’s Creative Industries to grow by £50bn and one million jobs by 2030. It incentivises private investment and makes the UK more attractive to foreign direct investment also. It also helps create new, highly skilled jobs and generate wider returns from tourism and hospitality spending across the country.
It is estimated that at least £163M was invested into theatrical productions in 2021-22 as a result of £38M of Theatre Tax Relief, a return of over 4 to 1 for the public purse.