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Creative sector rallies in Central London

Office space take up has surged in central London, particularly in the final quarter of 2018, topping off a year where the demand for a slice of the capital’s commercial property market has been tremendous.

Of note is the creative industries, which represented a significant percentage of this take up at 15%. Once again despite the uncertainty surrounding Brexit, the UK’s industries are showing both resilience and growth. A report by PwC, forecasts that there will be 3% annual growth in the entertainment and media sectors over the next 5 years and will be worth a massive £76 billion by 2022.

The UK Government has supported these sectors through tax incentives for companies in the media industry and is determined to help to increase the UK’s share of FDI in creative industries by 50% by 2020 in the most recent publication of its strategy.

Companies which are liable to pay Corporation Tax may be able to claim one of the 8 tax reliefs on offer or alternatively receive a tax credit, providing that the company is in one of the highlighted sectors such as film, animation, video games or TV.

London has been named the most influential city in the world on Forbes.com for its combination of media, culture and business power and ranked number one in the Creative City Index by Australia-based ARC Centre of Excellence for Creative Industries & Innovation. London continues to be a global magnet of creative investment and is arguably the best city to set up or expand a business in.

Alongside a talented workforce with world renowned creative universities like the University of the Arts, London’s West End boasts an unrivalled retail sector compared to anywhere in the UK and is a major attraction to shoppers from not just the UK but all over the world. The range of theatres, museums and galleries is world-renowned, a key element of the capital’s tourist offer and a significant generator of export income.

As a firm of Chartered Accountants, based in Soho – the heart of London’s media sector, we have specialist knowledge in helping media companies set up in the UK and expand. Please contact Gerry.collins@ecovis.co.uk or Media Partner Kate at Kate.barekati@ecovis.co.uk if you would like to discuss further.