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UK Government announces significant tax benefits for studios, indie films and VFX

UK Government announces significant tax benefits for studios, indie films and VFX

Written by Kianna Best on Mar 7, 2024. Posted in Incentive News

Yesterday during the reading of the UK governments spring budget, Chancellor of the Exchequer Jeremy Hunt unveiled significant benefits for the creative industry. Amongst those, UK film and television studios will receive a 40% corporate tax relief through 2034, and independent films will receive the same percentage for qualifying projects with a budget of up to GBP 15 million.

Japan opens first round of extended production incentive

Japan opens first round of extended production incentive

Written by Kianna Best on Feb 27, 2024. Posted in Incentive News

Next month, Japan will open up the first round of submissions for their extended film and TV production incentive. The funding scheme offers a 50% reimbursement for qualifying expenditure in Japan, with a cap of USD 6.66 million. Targeting larger projects, the minimum spend required to qualify for the incentive is USD 3.3 million.

British film, TV and video makers receive improved tax credits

British film, TV and video makers receive improved tax credits

Written by Kianna Best on Jan 3, 2024. Posted in Incentive News

The new year has brought with it more generous tax credits for Britain’s film, TV and video makers. Announced on 1 January, the government announced that children’s TV, animated TV and animated film production will receive a n extra GBP 42,500 in relief, and high-end TV, film or video game production will receive a relief of GBP 5,000. The government’s Audio-Visual Expenditure Credit and the Video Games Expenditure Credit replaces the previous tax reliefs for film, TV and video games.

Ausfilm celebrates new 30% location offset

Ausfilm celebrates new 30% location offset

Written by Kianna Best on May 15, 2023. Posted in Incentive News

As part of their 23/24 budget the Australian Federal Government announced an increase to the region’s location offset. Starting from 1 July 2023, the current offset will increase from 16.5% to 30%. Ensuring certainty and stability for the local film and television production sector, the increase will also see a boost to the surrounding economy.

Amazon awarded USD 35.3 million in Californian tax incentives for TV production

Amazon awarded USD 35.3 million in Californian tax incentives for TV production

Written by Kianna Best on Apr 17, 2023. Posted in Incentive News

Amazon has received a generous tax incentive totalling to USD 35. 3 million for television production in California. The streaming platform’s upcoming big-budget spy thriller debut Citadel will receive USD 25 million for relocating from the UK to California for its second season and an untitled project for the company will receive USD 10.3 million. This incentive pay out marks the largest sum ever offered by the state of California for a single film or television season.

Film Lauderdale launches USD 10 million fund incentive

Film Lauderdale launches USD 10 million fund incentive

Written by Kianna Best on Apr 4, 2023. Posted in Incentive News

Local Florida based film commission Film Lauderdale announced the launch of their new Special Projects Incentive programme. With USD 10 million injected into the performance based programme, the hope is to attract more high profile feature film and television series contributing to longer term job creations. This investment is the largest incentive programme to be offered for film and television production in Florida.

UK Government increase film and tv tax breaks

UK Government increase film and tv tax breaks

Written by Kianna Best on Mar 16, 2023. Posted in Incentive News

The UK Spring budget released on 17 March by Chancellor of the Exchequer Jeremy Hunt revealed a happy outcome for the fate of tax breaks in the film and tv sector. After an uneasy period of review, British producers can breath as sigh of relief at the developments which introduced increased tax expenditures that will influence how the existing rebate systems are calculated across the film, television, animation and video games production, ensuring the nation’s maintained status as one of the biggest production hubs in the world.

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