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UK TV Tax Breaks Lure ABC

by Amanda Banks, Tax-News.com, London

31 December 2013


ABC Studios has chosen the UK as the location to film a new pilot program on account of a new high-end television tax relief introduced earlier in 2013, the UK Government has confirmed.

With production planned for early 2014, this will be the first pilot program produced by the American company in the UK since the tax relief was introduced in April 2013. ABC Studios plans to recruit roughly 150 cast and crew from the UK to work on the program.

UK Chancellor George Osborne stated: "I'm pleased ABC has decided to bring this production to the UK; it is a clear demonstration of the value placed on British expertise. I want our creative industries to be the best in the world and to showcase the talent that we have here in Britain."

"This government wants to make sure high-end television programming from all over the world is made in the UK. These productions bring jobs and investment to our country."

To qualify for the high-end television tax relief, programs must be longer than 30 minutes and have a "per program hour" budget of GBP1m (USD1.65m) or more. At least 25 percent of the total production costs must relate to activities in the UK and programs are also required to pass a cultural test which is certified by the Department for Culture, Media and Sport (DCMS).

The high-end television tax relief allows eligible companies engaged in the production of qualifying productions to claim an additional deduction in computing their taxable profits, and where that additional deduction results in a loss, to surrender those losses for a payable tax credit.

Both the additional deduction and the payable credit are calculated on the basis of UK core expenditure up to a maximum of 80 percent of the total core expenditure by the qualifying company. The additional deduction is 100 per cent of qualifying core expenditure and the payable tax credit is 25 percent of losses surrendered.

TAGS: tax | investment | law | budget | corporation tax | United Kingdom | tax rates | tax breaks

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