A new report has concluded that the UK gets a return of GBP12 for every pound invested in its location filming tax credit. The report also found that without the tax credit the UK’s filming industry would be less than 30% of its current size.
Ivan Dunleavy is Chief Executive of Pinewood Shepperton: “We now need to look at how to enable further investment in infrastructure and how to build on the UK’s growing international reputation to boost exports. By making gains in these areas film can provide more jobs and help play our part in bringing growth to the U.K. economy.”
Adrian Wootton is Chief Executive of Film London and the British Film Commission: “As home to some of the world’s most sought-after filmmaking talent, first-class infrastructure and facilities, and competitive tax relief, the UK industry looks set to continue this success in the years ahead.”
We now need to look at how to enable further investment in infrastructure and how to build on the UK’s growing international reputation to boost exports.
Ivan Dunleavy, Pinewood Shepperton
The report, from Oxford Economics, could also support plans to extend the tax credit to high-end TV productions. A detailed consultation is underway and a TV incentive is widely expected to be made official sometime in 2013 in a bid to keep TV production in the UK.
Pinewood Studios is also feeling under international pressure to expand and upgrade its facilities. Its development plans have been consistently opposed by locals in recent years but it will be announcing plans for a new project in the coming weeks.
- Pinewood Studios submits plan for major expansion of London site
- British Film Institute reassures filmmakers on tax credit legitimacy
- New report: UK studios may need to expand to see off global competition
- UK Government announces funding boost for overseas investment
- Report spotlights healthy return for New York’s location filming incentive
- The Iron Lady and Prometheus steer Pinewood Shepperton to revenue increase