British Business Bank

The British Business Bank provides a range of resources and programmes designed to support access to finance for UK businesses. While funding is not guaranteed, these tools could help smaller businesses explore possible finance options and identify potential funding partners:

• The Finance Finder tool enables businesses to explore a range of potential finance options;
• A practical guide, Making business finance work for you, outlines different types of finance and how they could be used;
• The Guide to business resilience provides impartial, practical, and actionable information and support to help smaller businesses manage their costs, boost their long-term profitability, and increase their resilience.

In addition, the Start Up Loans programme has expanded its eligibility criteria and could support businesses that have been trading for up to five years and are looking to grow or innovate. Further information can be found here.

(All links are supplied to us directly by the British Business Bank.)

Innovate UK

Innovate UK offers funding opportunities and support programmes aimed at driving innovation across a range of sectors, including the creative industries. This can include grant funding and collaborative opportunities for businesses developing new ideas, technologies or content.

Innovate UK does not currently provide a single central hub for all creative industries opportunities. However, businesses can explore current competitions and stay informed of future support through the following resources:

• Next Wave: Breakthrough Wave 1 is a current dedicated Innovate UK creative industries funding competition, supporting projects focused on breakthrough innovation;
• Business can sign up to hear from Innovate UK, to receive updates on relevant funding opportunities and support programmes, including selecting creative industries as an area of interest.

(All links are supplied to us directly by Innovate UK.)

British Film Institute (BFI)

The BFI provides funding and support for film, television and moving image projects across development, production and distribution. These programmes could support both emerging and established creatives, depending on eligibility criteria and project scope.

• BFI provides an overview of available funding and support;
• For those projects seeking certification, BFI also provides further information for creatives.

(All links are supplied to us directly by the British Film Institute.)

 

Creative Industry Tax Reliefs

Creative sector reliefs play a vital role in supporting UK businesses operating across film, television, video games, theatre, orchestral productions and museum/gallery exhibitions. As one of the recognised Creative Industry Tax Relief (CITR) specialists in the sector, HMRC has asked us to work with them in providing information on important sector specific changes to those whom it would benefit the most.

In recent years, HMRC has introduced a number of updates affecting both cultural and audio-visual creative tax reliefs. A further significant change has been introduced from April 2026, requiring additional supplementary pages to be submitted alongside the corporation tax return. HMRC has now issued updated guidance to help businesses prepare for these developments.

The most wide‑reaching of these changes is the introduction of new supplementary pages, CT600P, which applies to both cultural and certified reliefs. Alongside this, there have been several other changes that businesses should be aware of, which we set out below.

 

NEW CHANGES

CT600P SUPPLEMENTARY PAGE

From April 2026, companies claiming creative sector reliefs or expenditure credits will be required to include a new supplementary page, CT600P, when submitting their CT600 corporation tax return. The CT600P is divided into three key sections.

EXPENDITURE INFORMATION FOR AVEC AND VGEC CLAIMS

This section requires businesses claiming Audio‑Visual Expenditure Credit (AVEC) and Video Games Expenditure Credit (VGEC) to disclose headline expenditure figures. These include relevant global expenditure, qualifying expenditure and the associated expenditure credit amounts, aggregated by production category, such as film, television or video games.

CREDIT REDEMPTION INFORMATION

The second section sets out the process for calculating and redeeming AVEC and/or VGEC to arrive at a payable credit. This mirrors the approach already used for the Research and Development Expenditure Credit. Where credits are surrendered to other group companies, basic group details must also be provided. Once CT600P is introduced, the existing Additional Information Form used for credit redemption will be withdrawn to avoid duplication.

EXPENDITURE INFORMATION FOR TAX RELIEF CLAIMS

The final section applies to companies claiming creative tax reliefs rather than expenditure credits. It requires disclosure of total core expenditure, qualifying expenditure, additional deductions, losses surrendered and payable tax credits, again summarised by production type.

Further detailed guidance on CT600P has now been released by HMRC, which you can read here.

 

EXISTING CHANGES

CULTURAL RELIEFS

A number of changes affecting cultural reliefs for theatre, orchestra, museums and galleries have already come into force.

ADDITIONAL ADMINISTRATIVE REQUIREMENTS

From 1 April 2024, all cultural relief claims must be accompanied by an Additional Information Form to ensure HMRC receives consistent and comprehensive information in support of each claim.

FOCUS ON UK EXPENDITURE

With effect from 1 April 2025, only expenditure on goods and services used or consumed in the UK qualifies for relief. This replaces the previous position, which allowed expenditure provided from within the UK or the EEA.

TRANSITIONAL ACCOUNTING PERIODS

Productions with accounting periods that straddle 1 April 2025 must calculate relief separately for the period before and after that date.

AUDIO-VISUAL RELIEFS

HMRC has also implemented several important changes to audio-visual creative sector reliefs over the past two years.

MANDATORY ONLINE INFORMATION FORM

From 1 April 2024, all audio-visual relief claims must include a new online information form setting out expenditure details and eligibility for creative tax reliefs and expenditure credits.

MOVE TO EXPENDITURE CREDITS

Film, Television and Video Games Tax Relief are being replaced by the Audio‑Visual Expenditure Credit and Video Games Expenditure Credit regimes. Theatre, Orchestra and Museums and Galleries Exhibition Tax Reliefs are not affected by this change.

TRANSITIONAL ARRANGEMENTS

Productions starting on or after 1 April 2025 must claim under AVEC or VGEC. There is a transitional period for productions that commenced before this date, with all productions required to move to the new regimes by 1 April 2027.

INDEPENDENT FILM TAX CREDIT

A new Independent Film Tax Credit is available for qualifying low‑budget productions starting from 1 April 2025, subject to certification and budget thresholds set by the BFI.

VISUAL EFFECTS UPLIFT

From 1 April 2025, an enhanced rate applies to qualifying UK visual effects expenditure within AVEC Film and High‑End TV productions.

EMPHASIS ON UK SPENDING

The revised expenditure credit regimes place greater emphasis on UK‑based expenditure, supporting domestic production activity.

 

HELPFUL HMRC LINKS

HMRC have provided us with clear, concise guidance to help our clients file their Creative Reliefs with confidence:

• Watch HMRC’s CITR and Expenditure Credits playlist on YouTube for further explanation and guidance.
• More detailed explanations can be found on HMRC’s manuals for Theatre Tax Relief and Orchestra Tax Relief.
• To check if your company qualifies for Creative Relief, visit Creative Industry Tax Reliefs for Corporation Tax.

 

CREATIVE INDUSTRY TAX RELIEF SPECIALISTS

SRLV advises businesses across the creative industries and engages with HMRC on both policy developments and the practical operation of creative sector reliefs. Our specialist team supports clients in understanding regulatory changes, preparing compliant claims and maximising the reliefs and credits available to them.

If you would like to discuss any of the changes outlined above, or require assistance with a current or upcoming claim, please get in touch with our Creative Industry Tax Specialist and Partner, Jai Vora, at jai.vora@srlv.co.uk.

 

Please note: The funding options outlined above are not exhaustive and there may be other routes available depending on your circumstances. In addition, producers and developers may be able to secure financing by borrowing against eligible creative industry tax reliefs through banks or private institutions.