A quick summary of measures announced in today’s budget statement in Parliament, affecting freelancers and the creative industries…
* the TV and film tax credits schemes will be made “more generous”.
* “expand our support for the videogames industry” (Unspecified, but the key industry group TIGA is pushing for… “a new Prototype Fund to enable start-up studios to access finance and develop playable prototypes”)
* consultation on how local newspapers might benefit in future from a new tax credits scheme tailored to their needs.
* a new tax credits for orchestras is still going ahead, and is not being stalled by the EU (as has some tax credits have been in the past).
* “increasing support to high growth companies” (Unspecified extra funding)
* “we will abolish Class 2 National Insurance contributions for the self-employed entirely.”
* “The personal tax-free allowance will rise to £10,800 next year — and then to £11,000 the year after.”
* “From April next year the first £1,000 of the interest you earn on all of your savings will be completely tax-free.”
* Charity donation collections of up to £8,000 will now automatically quality for gift-aid (Was set at £5,000. I think this means “shake-the-bucket” collections at festivals, business dinners, and the like?)
* “new support for PhDs and research-based masters degrees” (Unspecified, but the BBC suggests £25,000 per PhD. Likely to be limited availability and highly competitive, I’d suggest?)
* “funding for Wi-Fi in our public libraries”. (Unspecified funding)
