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The Business Magazine July 2024
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Government rolls out new tax credits for British film, TV and video games

The Business Magazine article image for: Government rolls out new tax credits for British film, TV and video games
4 January 2024

Starting today, the UK Government has introduced a new tax credit system for the creative industries.

The new Audio-Visual Expenditure Credit and Video Games Expenditure Credit will provide greater tax reliefs than the previous system to businesses across the country.

Children’s TV, animated TV and animated films are set to benefit from an extra £42,500 in relief, while high-end TV, film or video game productions will receive £5,000.

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The UK now boasts creative industries worth a combined £126 billion, as well as Europe’s largest video game employee base at almost 21,000.

Nigel Huddleston, Financial Secretary to the Treasury, said: “We are backing the makers of the next Barbie, Happy Valley and Grand Theft Auto with this new, more generous, tax credit system for British production talent.

“The UK is a world leader in creativity, and we want to ensure that continues well into the future by making it easier for British film, TV and video games to thrive.”

The move follows the Chancellor’s announcement last Autumn that full-expensing would be made permanent to help creative businesses invest in new equipment and machinery.

Read more - New investment support for creative and green tech businesses coming to South West


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Born and raised in Berkshire, Dan fell into journalism after completing his bachelor’s degree in English at UCL.

Writing for The Business Magazine and local Biz News sites has given him the opportunity to chat with all manner of small business owners and share their success stories with a wider audience.

Outside of work, Dan enjoys live music, board games and quiz shows, and is making a slow but persistent effort to learn Spanish.

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