{"id":5841,"date":"2016-02-10T06:13:17","date_gmt":"2016-02-10T06:13:17","guid":{"rendered":"http:\/\/skylight.gr\/administrator_wordpress\/index.php\/2016\/02\/10\/uk-music-welcomes-government-clarification-on-tax-relief-for-recording-artist-advances\/"},"modified":"2016-02-10T06:13:17","modified_gmt":"2016-02-10T06:13:17","slug":"uk-music-welcomes-government-clarification-on-tax-relief-for-recording-artist-advances","status":"publish","type":"post","link":"https:\/\/skylight.gr\/index.php\/2016\/02\/10\/uk-music-welcomes-government-clarification-on-tax-relief-for-recording-artist-advances\/","title":{"rendered":"UK music welcomes Government clarification on tax relief for recording artist advances"},"content":{"rendered":"

<\/em>
Music trade organisations UK Music and the Featured Artists Coalition sought formal clarification from HM Treasury on the ability of creators to average profits in successive years within the existing tax framework, and specifically whether this could be applied directly to artist advances. In a letter responding to both organisations, David Gauke MP, Financial Secretary to the Treasury said: \u201cI am happy to confirm that the advance of royalties are within the scope of the averaging rules for creators of literary or artistic work. The advance of royalties is exactly the sort of situation these provisions are intended to address for creative artists such as recording artists.\u201d <\/p>\n

Mr Gauke also welcomed the industry\u2019s offer of input into how HMRC could better define averaging rules within tax guidelines.<\/p>\n

Sandie Shaw, Chair, Featured Artists Coalition said: \u201cRecording artists are prone to fluctuating finances. A very good year can then often be followed by one which isn\u2019t so profitable. I am delighted that there is a mechanism in place which can allow Featured Artists Coalition members to not be disadvantaged by the tax system and one that respects the nature of our creative endeavours.\u201d<\/em><\/p>\n

Jo Dipple, CEO, UK Music said: “I am pleased that Government has clarified that recording artists must be treated by HMRC the same way as other creators with regards the averaging of profits over successive tax years. I encourage eligible artists to make full use of this clarification.\u201d<\/em><\/p>\n

Notes<\/strong><\/span><\/p>\n

This tax relief is designed to help those who make profits from selling or allowing people to reproduce intellectual property or works of art which they create.<\/p>\n

The relief can be claimed if:<\/p>\n

\u2022 you are in business, either alone or in partnership<\/p>\n

\u2022 your profits are wholly or mainly derived from literary, dramatic, musical or artistic works or designs<\/p>\n

\u2022 the works were created by you personally or, if you carry on business in partnership, by you or one of your partners personally<\/p>\n

The profits must come from royalties or disposal of the works rather than from the provision of services. So authors can claim even if a small part of their income comes from sources other than royalties (for example, personal appearances). But, architects cannot claim even though some of their income may come from the sale of material protected by copyright because their income is mainly derived from the services they provide.<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

Source: UK Music<\/p>\n","protected":false},"excerpt":{"rendered":"

Music trade organisations UK Music and the Featured Artists Coalition sought formal clarification from HM…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[23],"tags":[],"class_list":["post-5841","post","type-post","status-publish","format-standard","hentry","category-music-news"],"_links":{"self":[{"href":"https:\/\/skylight.gr\/index.php\/wp-json\/wp\/v2\/posts\/5841","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/skylight.gr\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/skylight.gr\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/skylight.gr\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/skylight.gr\/index.php\/wp-json\/wp\/v2\/comments?post=5841"}],"version-history":[{"count":0,"href":"https:\/\/skylight.gr\/index.php\/wp-json\/wp\/v2\/posts\/5841\/revisions"}],"wp:attachment":[{"href":"https:\/\/skylight.gr\/index.php\/wp-json\/wp\/v2\/media?parent=5841"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/skylight.gr\/index.php\/wp-json\/wp\/v2\/categories?post=5841"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/skylight.gr\/index.php\/wp-json\/wp\/v2\/tags?post=5841"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}