HMRC have published information on the creative industry tax reliefs available to UK companies, two of which were announced at Budget 2012.

'Creative industry tax reliefs' are a group of Corporation Tax reliefs that allow qualifying companies to claim a larger deduction, or in some circumstances claim a payable tax credit when calculating their taxable profits.

The reliefs work by increasing the amount of allowable expenditure. In addition, where a company makes a loss, it may be able to 'surrender' the loss and convert some or all of it into the aforementioned payable tax credit.

Film Tax Relief was introduced in April 2007 and two additional reliefs were introduced in April 2013. These are the Animation Tax Relief and High-end Television Tax Relief. A fourth relief for Video Games Development is intended to be introduced, subject to EU state aid approval.

The newly published guide explains who can claim the reliefs, and how and when to claim.