The body which represents UK audio production companies has called on the government to introduce tax relief to promote the sector.
AudioUK’s new report states that tax relief would take advantage of the growing investment in podcast and audiobook production by international brands and broadcasters.
It believes audio should benefit from the same reliefs as high end television production, animation and video games.
“Our members are beginning to see the benefits of the growth in podcasts and audiobooks – as entrepreneurs they’re looking to grow their businesses using their long-establish expertise in audio production,” explained Kellie While, Chair of AudioUK.
“But it won’t be long before other nations begin to develop their own capacity in podcasting and we are already seeing one or two examples of other government’ support for this. So now is a crucial time to introduce this tax relief to make sure our creative economy can take full advantage of the growing international investment.”
Tax relief would directly reduce the amount of tax paid on productions which met certain criteria.
The report includes financial analysis from specialist consultancy Communications Chambers, which estimates that the introduction of an APTR (Audio Production Tax Relief) would result in a “net gain to the Treasury in terms of its overall contribution to the economy.”
“As an independent audio production company outside London, we are always looking for ways to find new platforms for our work and commercial opportunities to help us create audio content for new markets,” added Melanie Harris, MD of Manchester’s Sparklab Productions.
“We are becoming more successful in forging new commercial partnerships, both in the UK and globally. It seems an oversight to be left off the list of creative industries eligible for tax reliefs, given how audio production has grown in recent years. An Audio Production Tax Relief would be a great boost for our sector and provide incentives for more investment in companies and projects dedicated to audio production.”
