Explanatory Note

(This note is not part of the Regulations)

These Regulations amend the Relief for Creative Industries (Additional Information Requirements and Miscellaneous Amendments) Regulations (S.I.2024/320) (“the 2024 Regulations”).

Part 9D of Schedule 18 to the Finance Act 1998 (c. 36) deals with claims for the creative sector tax reliefs, which are set out in detail in Parts 14A to 15E of the Corporation Tax Act 2009 (c. 4).

Paragraph 83WA of Schedule 18 to the Finance Act 1998 c. 36 provides that regulations may specify the information to be provided by the claimant company in support of a claim for relief, the form and manner in which and the time by which, that information is to be provided, and the consequences of failing to provide that information.

The 2024 Regulations specify the additional information required to be provided by claimant companies in support of any claims for the creative sector tax reliefs. The 2024 Regulations also specify the manner in which, and time by which, the mandated information is to be provided, and the consequences of failing to provide it.

Regulation 3 of these Regulations inserts a new regulation 1A to the 2024 Regulations to clarify that all expressions within the Corporation Tax Act 2009 apply to the 2024 Regulations.

Regulation 4 of these Regulations makes minor amendments and adds new relevant definitions to regulation 2 (additional information to be provided in relation to creative industry claims) of the 2024 Regulations.

Regulation 5 of these Regulations amends the Schedule to clarify the requirement to provide information from both Table 1 and Table 2 where a claim for relief includes connected party expenditure.

Regulation 6 of these Regulations amends the Schedule to the 2024 Regulations to add to, amend, and remove information specified in Table 1.

A Tax Information and Impact Note covering this instrument was published on 30 October 2024 alongside the Autumn Budget 2024 and is available on the website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins. It remains an accurate summary of the impacts that apply to this instrument.