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Audio visual expenditure credit (AVEC) ― key provisions


Produced by a Tolley Corporation Tax expert
Corporation Tax
Guidance
tag-icon Autumn Budget 2024

Audio visual expenditure credit (AVEC) ― key provisions


Produced by a Tolley Corporation Tax expert
Corporation Tax
Guidance
tag-icon Autumn Budget 2024
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. AVEC is to be extended by proposals confirmed at the Autumn Budget 2024 as detailed below (see ‘Proposed changes to AVEC’).

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

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  • 31 Oct 2024 17:41

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