British Film Commission welcomes Spring Budget support for film and TV
The British Film Commission has welcomed the series of reforms to audiovisual tax reliefs announced by Chancellor Rishi Sunak in this week’s Spring Budget.
Chief among the new proposals for the industry is a change to reliefs for film, television, and video games, as they become expenditure credits instead of additional deductions from 1 April 2024.
The Government also announced that film and high-end TV will be eligible for a credit rate of 34 per cent, with animation and children’s TV rising to 39 per cent. Although the expenditure threshold for high-end TV is to remain at £1 million per hour, the minimum slot length for tax relief will be reduced from 30 to 20 minutes.
Adrian Wootton OBE, Chief Executive of the British Film Commission, said: “Today’s announcement is a real recognition from the Government of the growth and opportunity our UK Film and High-end TV industry presents.
“The UK’s tax reliefs have directly influenced many productions’ decisions to base themselves in the UK, contributing billions of pounds to the economy and hundreds of thousands of jobs across the UK’s nations and regions.
“With increasingly intense international competition, we’re delighted to welcome this package of measures, future-proofing the UK’s film, High-end TV and animation tax credits and our position as a leading global production hub.”
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