INDUSTRY. BUDGET
T he film and TV industry welcomed the March budget, which saw the government maintain the qualifying threshold for high-end audio-visual tax credits at £1m. Chancellor of the Exchequer Jeremy Hunt introduced new increases in expenditure credit, with a rate of 34% for film, high-end television and video games – and 39% for the animation and children’s television sectors. “This government’s audio-visual tax reliefs have helped make our film and TV industry the biggest in Europe,” Hunt said. “Only last month, Pinewood announced an expansion which will bring another 8000 jobs to the UK.” The announcement follows the HM Treasury consultation on changes to the tax reliefs relating to film, high-end TV, animation, children’s television and video games published in November 2022. Ben Roberts, chief executive officer for BFI, said the reformed expenditure
credits across the screen industries are a testament to how crucial they are to the UK’s economy and growth. “Combined with our extraordinary talent, infrastructure and
her company was maintaining the level of the relief. “We are very pleased to see that remains in place,” she added. “Of course, it is also a benefit to see the rise in expenditure credit. It is a clear marker that the government knows the worth of the
technical and creative expertise, the screen sector tax reliefs – now remodelled as expenditure credits – have supercharged our industry on an unprecedented scale,” he expressed. “The news today will ensure the UK remains a globally competitive production hub, giving us economic recovery and growth, creating
British TV industry and a step towards ensuring its continued growth.” FOREIGN INCENTIVE Measures announced in the chancellor’s budget will also be welcomed by overseas production companies, according to Luke Savvas, partner
IN PRODUCTION Layla Smith, CEO of Objective Media Group
thousands of jobs for people up and down the country, and enabling creative talent and storytelling to thrive.” Layla Smith, chief executive officer at Objective Media Group, said that as a producer, the most important issue for
at accountancy firm Buzzacott. “The new measure is a significant potential increase in funds for the sector and will encourage more productions on these shores,” he explained. “UK tax credits can also encourage international
14. DEFINITIONMAGAZINE.COM
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