Government Outlines New Support of VFX Industry
20 March 2013
As part of the 2013 UK budget announced today by George Osborne, Chancellor of the Exchequer, the country’s visual effects (VFX) industry will receive further support.
Announcing it will launch a public consultation on options to provide further support for the VFX industry through the tax system, the British Film Commission (BFC) welcomes the measure which ultimately aims to make the UK more attractive to international investment. This support for the VFX industry follows the new Creative Sector Tax Reliefs for high-end TV, animation and games which are due to be in place later this year.
As the home of award-winning flagship VFX facilities, the UK is recognised as a world leader of VFX companies and talent. British VFX facilities have been Oscar-nominated in six out of the last seven years, winning three times – The Golden Compass (Framestore), Inception (Double Negative) and Life of Pi (Moving Picture Company).
“On behalf of the British Film Commission (BFC) we are delighted that the Chancellor has today announced further support for the UK’s creative sectors, and in particular the VFX industry,” says Adrian Wootton, Chief Executive of the British Film Commission and Film London. “There is no disputing the UK is a centre of VFX excellence. These new measures will ensure that we can continue to compete globally on a level playing field; and continue to attract the biggest and most technically challenging film and television projects to the UK.”
“The UK has a world class content production sector,” says Ed Vaizey, UK Minister for Culture, Communications and Creative Industries. “Today’s package of measures, announced in the Budget, recognises the significant economic contribution made by our highly skilled creative content industries. It demonstrates Government’s ongoing commitment to supporting innovation and investing in talent to help keep the UK ahead of the game when it comes to creative excellence.”
Public support for the creative industries has a successful legacy in the UK with the current Film Tax Relief delivering a return of £12 for every £1 invested by Government. Wootton also commented that today’s announcement is “further evidence of the Government’s commitment to and understanding of the long term potential and value of the UK’s Creative and Digital Sectors in terms of inward investment and jobs.”
The BFC, responsible for maximising and supporting the production of film and high-end television in the UK, has been integral to the UK’s success in attracting inward investment. New support for the VFX industry further enhances the UK offer, making it even more appealing to international investment and it allows the BFC to build on its previous success in securing projects to shoot and carryout post production and visual effects work in the UK.