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Budget statement

Theatre, ballet, dance and opera productions will be able to claim up to 25% tax relief from September as a result of Wednesday’s Budget. Chancellobritish-moneyr George Osborne announced two rates of relief, 25% for touring production and 20% for others, available to both commercial and subsidised companies. There is also to be further tax relief for museum-quality arts gifts, and £120m for repair of cathedrals. The government’s cultural gift scheme that encourages owners to gift important works of art to the nation in return for tax reduction is to have its limit raised from £30m to £40m. A formula devised by the Treasury and Arts Council England working with the theatre industry is to be published shortly, with legislation taking effect in the autumn, with a training programme and advice available on how to benefit from the new tax credit scheme.