Government rolls out new tax credits for British film, TV and video games
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.
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