Those in the theatre and film industry have been hailing the Theatre Tax Relief 2024 budget as a 'lifeline' for the creative industry. 

Executive Director of Reading Rep Theatre Nick Thompson said "It is an extremely challenging time for the theatre sector.

"This new TTR rate is a fantastic endorsement of the contribution theatre and the cultural sector make to the economy. And very practically means we can keep making  ambitious work on our stage"

Lord Andrew Lloyd Webber, Sir Cameron Mackintosh and Sir Sam Mendes have welcomed a new permanent rate for theatre tax relief (TTR) which has been described as “a lifeline for performing arts” which will “ensure Britain remains the global capital of creativity”.

During the final Budget before the general election, Chancellor Jeremy Hunt announced the tax relief will not return to pre-pandemic rates.

The rates will stay at 40% and 45% for productions that tour, instead of the planned taper from April 2025 to 35% and 30% respectively, and a return to the pre-pandemic rates of 25% and 20% in 2026.

Skyfall and 1917 director Sir Sam has a number of plays currently on stage, including The Motive And The Cue, about Sir John Gielgud’s production of Hamlet starring Richard Burton, and The Hills Of California, about a dying mother whose four daughters gather at her home to say their goodbyes.

In a joint statement with Caro Newling, co-founder of his Neal Street Productions company, he said the higher rate of theatre tax relief is “fundamental” to their ability to make productions.

He added: “It has enabled us to commission new work, often partnering with producing houses and colleagues in the commercial sector. They are all productions of scale.

“The Hills of California, The Motive and the Cue and The Lehman Trilogy, Hamnet and a nationwide, 18-month tour of Charlie and the Chocolate Factory. Most have enjoyed seasons in both not-for-profit and commercial sectors, with Broadway and international tours thereafter.

“TTR is the singular factor in promoting both the confidence to be properly innovative and investors to join in the endeavour. We welcome the Government’s plans to make the higher rate permanent, as it will bolster the industry’s ability to thrive.”

Composer and producer Lord Lloyd-Webber said the move was a “once-in-a-generation transformational change that will ensure Britain remains the global capital of creativity”.

Producer and theatre owner Sir Cameron said the theatre tax rate announcement was a “tremendous endorsement of the vital contribution that the theatre makes to the British economy as well as the huge arts industry in this country”.

He added: “The current vibrancy of the West End proves this is money well spent and now theatre producers can confidently risk producing exciting new work, and hopefully find the next global hits that make British theatre the envy of the world.”