The Relief for Creative Industries (Additional Information Requirements and Miscellaneous Amendments) Regulations 2024

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations amend the Income and Corporation Taxes (Electronic Communications) Regulations 2003 (S.I. 2003/282) (“the 2003 Regulations”) to require claims for the creative sector tax reliefs to be submitted electronically. These regulations also specify the additional information required to be provided by claimant companies in support of any claims for the creative sector tax reliefs.

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

Paragraph 83WA of Schedule 18 to the Finance Act 1998 provides that regulations may specify the information to be provided by the claimant company, the form and the manner in which, and the time by which, that information is to be provided, and the consequences of failing to provide that information. Regulation 2 (1) specifies the information that is required to make a claim for the creative sector tax reliefs, the time by which that information should be provided and the consequences of a failure to provide that information. Regulations 2(2) to 2(4) concerns the additional information that is required to be disclosed where a claim relates to connected party transactions, the time by which that information should be provided and the consequences of a failure to provide that information.

Regulation 3 amends the 2003 Regulations so that the additional information to be provided under paragraph 83WA(1) of Schedule 18 to the Finance Act 1998 and amended returns that relate to a creative sector relief claim must be delivered electronically.