New statistics published recently reveal that HMRC paid out over £1 billion in creative sector tax relief during 2018/19. The total paid out since introduction is now approaching £5 billion.

Creative sector tax reliefs were designed to encourage more investment into cultural activity across the UK. The tax relief allows qualifying companies to make a deduction in their taxable profits, and those which don’t make a profit can surrender the tax relief for a payable tax (cash) credit.

Film companies benefited most during 2018/19, showing 40 percent growth compared to the previous year. High end TV showed a similar leve...