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25/06/2010
Budget 'Could Have Been Worse' For Media
A senior figure at a well-known business and financial advisory firm has been commenting on the Budget's likely impact on the broadcast, media and film sector.
Liz Brion, Head of Media Tax at Grant Thornton said: "Overall, the emergency Budget announcements were not particularly helpful for the media sector but could have been much worse.
"The Capital Gains Tax increase for higher rate investors will be an unwelcome announcement as transactional activity in the media sector is just beginning to recover.
"However this is balanced by an increase to the 10% rate band for those selling their trading companies where the first £5m of gains can benefit from entrepreneur's relief; it is just a shame this relief was not extended to employee share schemes," she said.
However, on video gaming she said: "The announcement that the proposed video games relief has been scrapped is a real blow to a sector which makes a significant contribution to the UK economy.
"It also makes the prospect of a future tax relief for the animation industry much more remote.
"At least the Government has taken note of the recent Oxford Economics Report and Film Tax Relief remains in force," the expert continued.
"There is also a correction to the anomaly which restricted businesses from claiming full relief as was promised by the previous Government in the Pre-Budget Report.
"The reform of corporation tax will give the media sector and the rest of the UK economy a boost.
"It still remains to be seen what incentives will be provided to companies that generate intellectual property, which at least remains on the Government's agenda."
(BMcC/GK)
Liz Brion, Head of Media Tax at Grant Thornton said: "Overall, the emergency Budget announcements were not particularly helpful for the media sector but could have been much worse.
"The Capital Gains Tax increase for higher rate investors will be an unwelcome announcement as transactional activity in the media sector is just beginning to recover.
"However this is balanced by an increase to the 10% rate band for those selling their trading companies where the first £5m of gains can benefit from entrepreneur's relief; it is just a shame this relief was not extended to employee share schemes," she said.
However, on video gaming she said: "The announcement that the proposed video games relief has been scrapped is a real blow to a sector which makes a significant contribution to the UK economy.
"It also makes the prospect of a future tax relief for the animation industry much more remote.
"At least the Government has taken note of the recent Oxford Economics Report and Film Tax Relief remains in force," the expert continued.
"There is also a correction to the anomaly which restricted businesses from claiming full relief as was promised by the previous Government in the Pre-Budget Report.
"The reform of corporation tax will give the media sector and the rest of the UK economy a boost.
"It still remains to be seen what incentives will be provided to companies that generate intellectual property, which at least remains on the Government's agenda."
(BMcC/GK)
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