UK government expands filming incentives
Further enhancements to the UK’s filming incentives have been announced by the Chancellor George Osborne. The TV tax credit that’s attracted shoots like 24: Live Another Day and Veep is now accessible with a lower spend and a dedicated children’s TV tax credit has been launched.
The rate for the UK’s film tax credit was previously 25% for the first GBP 20 million of production expenditure before dropping to 20% for all subsequent spending on a single shoot. This has now changed, with the 25% figure set to apply to everything, meaning greater support for big-budget shoots.
It will now be much easier for TV productions to access the UK’s television tax credit, with the qualifying spend reduced by more than half to just 10%, while the Cultural Test is set to be modernised. This 10% minimum spend will also apply to the new Children’s Television Tax Relief programme.
“The UK is a creative powerhouse and today’s enhancements can only help our screen industries go from strength to strength,” said Adrian Wootton, Chief Executive of the British Film Commission and Film London.
“Governmental support has proven invaluable, so the new Children’s Television Tax Relief is an incredibly positive step. Similarly, the enhancements to the High-End Television, Animation and Film Tax Reliefs will make the UK an even more popular destination for international clients and potential co-producers. This, of course, will in turn help our award-winning infrastructure thrive while creating new jobs and encouraging new investment.”
The TV tax credit drove a surge in television production in the UK in its first full year, according to recent figures from the British Film Institute, with international shoots dominating a spending increase from GBP 50 to nearly GBP 400.
In 2014 the UK saw a 35% overall increase in production spending, most of which came from international shoots.
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