BUDGET INDUSTRY.
to a range of reasons, not least the native talent pool and pre-existing tax breaks. “These are some of the reasons we saw an opportunity for the development of Shinfield Studios,” he added. “It makes sense they would want to protect this and it’s equally important we continue to send the message that the UK welcomes producers with open arms. We all want the UK to continue to compete on a global stage and keep attracting the big- name films, producers and talent – this only serves to help us all nurture our homegrown talent base.” Smith added that, ‘in a world of increasing costs and tightening budgets’, every pound counts. “When you consider the budget pressures faced by producers today, be it increasing cost of crew, energy or challenges in sourcing materials for sets and wardrobe – you can see how budgetary considerations are having a bigger influence on decision making than ever before.”
Key announcements
published as part of draft legislation in summer 2023 for comment. Qualifying expenditure for the video games credit will be available on goods and services that are used or consumed in the UK. Expenditure credits will be available to claim from 1 January 2024. producers to invest or co-produce within the UK. Providing that at least 10% of the production’s total expenditure is spent in the UK, the project may qualify for the increased credit.” Nick Smith, joint managing director of Shinfield Studios, said film and HETV is growing, and already a significant contributor to the UK economy thanks
The £1m per hour expenditure credit threshold for HETV remains unchanged. The minimum slot length for HETV will be reduced to 20 minutes and applied on an episode-by-episode basis. A definition of a documentary will be put into legislation based on BFI guidance. Final wording and exclusions will be
“It’s important to send the message that the UK welcomes producers with open arms”
15. MAY 2023
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