As announced at Spring Budget 2023, the government will legislate in Spring Finance Bill 2023 to extend the current headline rates of relief for the TTR, OTR and MGETR for two years until March 2026. The rates for TTR and MGETR, which were due to taper to 30% (for non-touring productions) and 35% (for touring productions) on 1 April 2023, will remain at 45% and 50% respectively until 31 March 2025. From 1 April 2025, the rates will be 30% and 35% and rates will return to 20% and 25% on 1 April 2026. The rates for OTR will remain at 50% for expenditure taking place from 1 April 2023, reducing to 35% from 1 April 2025 and returning to 25% from 1 April 2026. MGETR will expire after 31 March 2026 and no expenditure after this date will be eligible for relief.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
