UK VFX tax credit boost to start in new year
During today’s reading of the UK budget, marking the first for the Labour government since coming into power in July, the Chancellor of the Exchequer Rachel Reeeves has confirmed an increased VFX tax incentive. Spending on VFX will be eligible for a net rebate of 29.5% and exempt from the overall 80% cap on spending eligible for film and TV tax relief. To avoid production delays, the starting date of the uplift will be available to projects with spending incurred from 1 January 2025, with claims for the rebate starting from 1 April.