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UK Hails Record Year For Film Industry Tax Relief

by Robert Lee, Tax-News.com, London

28 December 2015


The UK Government provided GBP251m (USD374.3m) in film tax relief to 220 productions in 2014-15.

The Government announced that, based on UK expenditure from qualifying films, there was a 25 percent increase in industry investment into the "creative economy" in 2014-15. UK expenditure from qualifying films rose from GBP1.3bn in 2012-13 to GBP1.6bn in 2014-15. The Government said that the system ultimately generates GBP12.49 for the UK economy for every GBP1 of tax relief granted.

The film tax relief was introduced in 2007. Since April 2015 it has been available at 25 percent of all budget levels. A film must qualify as a British production through a cultural test or via an official UK co-production treaty.

Chancellor George Osborne said: "I'm delighted that the golden age for British creative industries is going from strength to strength. 2015 was a record year for the film industry and I'm proud that our support for this fast growing sector is securing investment, boosting productions, and creating jobs across the UK."

Amanda Nevill, Chief Executive of the British Film Institute (BFI), commented: "Britain loves film, and the world loves British films. The government's film tax relief generates almost GBP12.50 for every GBP1 spent and provides crucial support for UK films and filmmakers – it is a shrewd investment for the UK.

"The creative sector tax reliefs, alongside lottery funding through the BFI, are a catalyst for creativity and innovation in storytelling in UK independent film, and are a key ingredient in the UK's winning combination of outstanding talent and skills, world-leading studios and facilities, and iconic locations, which attracts film production from around the world," Nevill added.

TAGS: tax | investment | tax incentives | United Kingdom | ministry of finance | tax breaks | revenue statistics

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