Definition February 2024 - Web


Tax credit overhaul for UK screen industries

T he UK government has updated the tax credit system, replacing existing reliefs for film, television and video game production entities. The new Audio-Visual Expenditure Credit and Video Games Expenditure Credit bring notable changes to bolster the country’s production sector. In this update, productions in children’s TV, animated TV and animated film will see

an additional £42,500 in relief, while high- end TV, film or video game productions will benefit from a £5,000 relief. The calculation of these credits is now directly linked to the qualifying expenditure, offering a more transparent and adaptable framework. With the industry presently valued at £126 billion, this initiative is designed to optimise the potential of the UK’s cutting-

edge production sector and support the development of British talent. The new tax credit system aligns with industry feedback, providing companies with a transitional period until April 2027 to adjust from previous reliefs. This strategic move by the government positions the UK as an attractive hub for sustained growth in the film, TV and gaming industries.


Paramount & Warner Bros Discovery discuss merger

UK box office tops £1bn in 2023 In the strongest showing for the UK box office since pre-pandemic, a total of £1.06 billion was taken across 2023, according to numbers released by Comscore. While not quite 2019’s £1.35 billion, it marks a positive boost for cinemagoing, with the Barbenheimer phenomenon largely credited.

BAFTA shakes up best film award requirements

Top bosses at the two media giants are in talks over a possible mega- merger. Details of the negotiations are strictly under wraps, but it’s understood that both sides have enlisted bankers. Discussions are still in preliminary stages at the time of writing.

As of 2025, hopefuls in the best film category must have an expanded theatrical release, showing in a minimum of 50 UK cinemas for at least seven days. The move aims to bolster theatrical engagement. BAFTA plans to make more updates next summer.



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