Thursday 5 December 2013
Statement from the British Film Commission (BFC) as Chancellor of the Exchequer announces enhancements to the UK’s Film Tax Relief
The British Film Commission welcomes enhancements to the UK’s Film Tax Relief announced by UK Government’s Chancellor of the Exchequer in today’s Autumn Statement.
These include a lowering of the minimum spend requirement from 25% to 10%; making the Cultural Test more inclusive in line with other Member States’ tests; and increasing the value of the relief to 25% on the first £20 million of qualifying expenditure for large budget features. In addition, the UK will seek State Aid clearance to increase the rate of relief to 25% for all qualifying expenditure in 2015. This good news for the British film industry follows the successful launch earlier this year of Tax Reliefs for high-end television and animation.
Adrian Wootton, Chief Executive of the British Film Commission and Film London, said: “The UK is home to world-class film-making talent and expertise which help drive the industry forward, as demonstrated recently by the UK-produced and critically-acclaimed Gravity. However, in order to continue to attract business to the UK in a fiercely competitive global marketplace, our industry must be underpinned by effective fiscal incentives. The tax relief was a game changer when introduced in 2007 and today’s announcement ensures we can continue to grow our industry, boosting the UK economy and creating British jobs; it will also encourage the production of more culturally British projects.”
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