The British Phonographic Industry has appealed to the Government to have the recording industryâ€™s search for new music talent included in the Governmentâ€™s research and development tax credit scheme.
It was announced by the BPI that it spends £200m, the equivalent of 17% of its turnover on A&R (Artist & Repertoir), which is the discovery and development new music; which according to the BPI is a higher proportion than industries such as the aerospace and computer industries.
According to Reuters, the Executive Chairman of BPI, Peter Jamieson said:
We believe the time is right for government, together with industry, to consider closely a tax credit regime for A&R, which is the music business' research and development,
Such a system would create incentives for greater investment in our industry, and would put the development of British intellectual property on the same footing as in other industries.