Enhancements to UK Film Tax Relief confirmed
The British Film Commission (BFC) welcomes today’s news that enhancements to the UK’s Film Tax Relief announced earlier in the year have received European State Aid approval.
The changes mean that British qualifying films of all budget levels can now apply for a rebate of 25% of UK qualifying expenditure. Previously, only the first £20m on larger budget films would qualify for the higher rate, with the remaining qualifying expenditure earning 20%.
The new rate will apply to all features in production on or after 1st April 2015.
Great news for the economy
Adrian Wootton, Chief Executive of the British Film Commission and Film London, said: “This is great news for the film industry and for the wider UK economy. Much has been written about the benefits of global filming incentives, and the UK Film Tax Relief is exceptional in combining a generous financial incentive with transparency, inclusivity and reliability. When you couple this with the UK’s world-class talent, cutting-edge infrastructure and stunning locations you have a truly unbeatable offer, and one that creates thousands of UK jobs and generates billions for the country’s economy.
“This most recent enhancement to the Film Tax Relief is real testament to the British Government’s continued support for our screen industries – a commitment which the BFC and its partners share.”
Major features currently shooting in the UK include: Disney’s live action version of Beauty and the Beast, Lucasfilm’s Rogue One: A Star Wars Story and Warner Bros.’ Harry Potter spin-off, Fantastic Beasts and Where to Find Them.