47881_Budget_2015_Web_Accessible

a 21 st century economy. The terms of reference for this review were published on 16 March2015. 691.111 As part of the government’s work to strengthen the financial incentives to encouragebusiness growth, Budget 2015 announces pilot schemes in Cambridgeshire andPeterborough and, subject to the formal approval of Greater Manchester CombinedAuthority, in Greater Manchester and Cheshire East, which will enable these areas toretain 100% of any additional business rate growth beyond expected forecasts. Thesepilots will begin in April 2015 and will reward additional growth to the local business rate basewhilst maintaining the nationwide business rate retention and redistribution system.Support for the creative sector and the media1.112 The creative industries deliver both cultural and economic benefits to the UK. Thegovernment has introduced new tax reliefs for high-end television, video games, animationand theatre, and has expanded the film tax relief. These reliefs have been highly successful inencouraging investment. To further encourage growth in the sector the government will:••increase the rate of film tax relief to 25% for all qualifying expenditure, andextend the high-end television tax relief by reducing the minimum UK expenditurerequirement from 25% to 10% and modernising the cultural test••introduce a new children’s television tax relief from April 2015, which will includechildren’s programmes that are game shows or competitions••introduce a new orchestra tax relief from April 2016 at a rate of 25%1.113 To invest in skills and business development in the creative industries, the governmentwill also:••extend the Skills Investment Fund, providing £4 million to ensure that it can continueto match fund support for training and development in film, television, visual effects, videogames and animation for a further two years••promote a vibrant business environment for new and growing video gamescompanies across the UK by committing £4 million to a new Video GamesPrototype Fund over the next 4 years; this fund is designed to aid access to finance andbusiness support, and to target games development talent1.114 Local newspapers are an important source of information for local communities anda vital part of a healthy democracy. To support them as they adapt to new technology andchanging circumstances, the government will consult on whether to introduce abusiness rates relief for local newspapers in England.Alcohol Duty1.115 The government is committed to helping pubs. Building on the steps the governmenthas already taken, Budget 2015 announces that, for the third year in a row, the tax ona typical pint of beer will be cut by one penny from 23 March 2015. This means that anaverage pint of beer is 9 pence cheaper than under the previous government’s duty plans.1.116 To further support the great British success story, the Scotch whisky industry, the dutyon spirits will be cut by 2%. Recognising the important contribution of cider makers to therural economy, the duty on lower strength cider will be cut by 2%. To support the UK’sgrowing wine industry, the duty on wine will be frozen. Beer and wine duties will continueto be broadly similar.69‘Business Rates Review: Terms of Reference and Discussion Paper’, HM Treasury, March 201538 Budget 2015