UK film industry tops GBP1 billion two years in a row
Film production in the UK is booming after having taken in over GBP1 billion for two consecutive years, with television productions attracting major investors from around the world. This news can largely be accredited to the success of both the UK Film and High-end TV tax relief systems.
The figures also show that the tax relief for high-end television is really bedding in and reaping incredible dividends for our economy.
These incentive programmes offer a tax rebate of up to 25%, which alters to 20% after a feature film incurs an expenditure that is above GBP20 million. Alternatively, television productions can receive the rebate regardless of what their budget is on the basis that their expenditure meets a minimum requirement of 10% in the UK.
Adrian Wootton, Chief Executive of the British Film Commission and Film London explains: “2015 was another standout year for the UK film and television industries, with our technical expertise, creative skills, talent and world class infrastructure representing an ongoing draw for some of the world’s biggest names and most successful franchises. The figures also show that the tax relief for high-end television is really bedding in and reaping incredible dividends for our economy and also for our industry itself in terms of boosting infrastructure and opening up new business opportunities.”
According to the BFI’s Research and Statistics Unit, feature film productions spent GBP1.41 billion overall. The vast majority of these investments came through major high budget productions including Rogue One: A Star Wars Story, Doctor Strange, Assassin’s Creed, and Wonder Woman.
Television on the other hand brought in an overall expenditure of GBP750 million but was still able to secure major investments throughout 2015. This is the result of established shows such as Game of Thrones and Outlander returning to the UK, alongside brand new productions like Lucky Man and The Crown drawing in large investments.
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