We are encouraged that the Autumn Statement made by the Chancellor has recognised the significant value that arts and culture bring to this country’s economy.
The Chancellor's full statement is available here.
The statement contained points that were encouraging on a potential tax relief for theatres and social investment tax relief. Both will have the potential for bolstering the cultural sector.
Alan Davey, Chief Executive, Arts Council England said “We have seen how tax breaks have positively affected related creative industries such as the film sector and hope that the consultation will lead to a similar situation for theatre.
“We will be working closely with Government to ensure that the reliefs produce the maximum benefit for the theatre sector throughout the country.
“It is also encouraging to see the continued commitment to social investment. Arts organisations are charities which have a strong connection to their communities and these breaks offer interesting opportunities for the sector. We are examining how we might help arts organisations access more social investment in the future.”
The statement also contained expected cuts to Government departments. As yet we have no indication how much, if any, of the 1% cut will be passed on to the Arts Council and we await advice from the DCMS in this respect.
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