Ƶ

Audio visual expenditure credit (AVEC) ― key provisions

Produced by a Tolley Corporation Tax expert
Corporation Tax
Guidance

Audio visual expenditure credit (AVEC) ― key provisions

Produced by a Tolley Corporation Tax expert
Corporation Tax
Guidance
imgtext

This guidance note details an additional tax credit, which is known as the audio-visual expenditure credit (AVEC) and which is available to companies that produce qualifying films and TV programmes.

Overview of audio visual expenditure credit (AVEC)

From 1 January 2024 tax relief for films or TV programmes is given through the audio-visual expenditure credit (AVEC). Prior to 1 January 2024 relief was provided through an additional corporation tax deduction or a tax credit (see the Film production company tax credits and Television tax reliefs ― key provisions guidance notes). The transition to the revised tax relief rules post 1 January 2024 is voluntary but will be obligatory for new productions from 1 April 2025 and for all productions from 1 April 2027, at which point the previous tax reliefs will cease. Where a company elects into the AVEC and the accounting period straddles 1 January 2024, expenditure is apportioned.

AVEC is a taxable credit which can be claimed by qualifying film and TV companies on certain expenditure. The amount of the credit is

Continue reading the full document
To gain access to additional expert tax guidance, workflow tools, and tax research, register for a free trial of Tolley+™
Powered by
  • 24 Mar 2025 10:20

Popular Articles

Payment of tax due under self assessment

Payment of tax due under self assessmentNormal due dateIndividuals are usually required to pay any outstanding income tax, Class 2 and Class 4 national insurance, and capital gains tax due for the tax year by 31 January following the end of the tax year (ie 31 January 2025 for the 2023/24 tax year).

14 Jul 2020 12:52 | Produced by Tolley Read more Read more

BPR ― trading and investment businesses

BPR ― trading and investment businessesIntroductionThe basic qualification rules for business property relief (BPR) are illustrated in the Flowchart ― trading or investment business for BPR purposes.For an overview of BPR, see the BPR overview guidance note.Relevant business propertyThe main

14 Jul 2020 15:36 | Produced by Tolley Read more Read more

Payroll record keeping

Payroll record keepingUnder SI 2003/2682, reg 97, “...an employer must keep, for not less than 3 years after the end of the tax year to which they relate, all PAYE records which are not required to be sent to [HMRC]...”. Reasons for keeping the records include:•being able to calculate tax and

14 Jul 2020 12:52 | Produced by Tolley in association with Ian Holloway Read more Read more