Announced in the budget earlier this year, Chancellor George Osborne hopes this extension will attract more blockbusters to be produced here in the UK. These tax credits support both film and TV production and are estimated to generate around £2bn worth of business for Britain.
Where previously the 25% relief was only offered to movies with budgets of £20m and over, it has now been extended to cover all tax paid on a project regardless of size or budget. So a British film with a budget of £40m could get an extra £1m towards production costs.
Ultimately it’s great news for anyone working in film and TV production in Britain and with this brings exciting new opportunities for VFX facilities up and down the country.
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About UK creative industry tax reliefs >>