Dream Wired
No Result
View All Result
  • Home
  • Celebrity
  • DramaAlert
  • Gossip
  • Movie
  • TV
  • Music
  • Comics
  • Shop
  • Home
  • Celebrity
  • DramaAlert
  • Gossip
  • Movie
  • TV
  • Music
  • Comics
  • Shop
No Result
View All Result
Dream Wired
No Result
View All Result
Home DramaAlert

Tax Credit For British Film High End TV Raised By Jeremy Hunt

rmtsa by rmtsa
March 6, 2024
in DramaAlert
0
Tax Credit For British Film High End TV Raised By Jeremy Hunt
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter


You might also like

Sean ‘Diddy’ Combs asks to be released from jail on $50-million bond – National

Ray J Breaks Silence On Whitney Houston Relationship

Lil Baby Hosts Fifth Annual Back to School Fest in Atlanta, Giving Back to Over 4,000 Families • Hollywood Unlocked

The UK government has set out a suite of measures to help boost the high-end TV and indie film sectors: introducing a new indie movie relief of 40%, increasing the film and high-end TV tax credit by 5% and bringing in business rates relief for big studios.

The new indie relief will apply to films made for less than £15M, something the local industry has been calling for for months.

Chancellor Jeremy Hunt has announced in the last few minutes that the lucrative tax credit, which has been in place for more than a decade, will rise to around 30% for shows that cost more than £1M per episode, and for some movies. A VFX cost cap of 80% will also be removed to aid with these projects.

The business rates relief of 40% will help major studios such as Pinewood and Sky Studios.

A Pact statement said: “Pact and the BFI have today welcomed the Government’s announcement that it will help to support the UK’s independent film sector by increasing the Film Tax Credit to 40% for films with budgets of £1m to £15m. Both Pact and the BFI believe that the enhanced film tax credit will help strengthen the indigenous film sector’s ability to attract finance and to continue developing key talent which will benefit the wider audiovisual sector.”

“Additionally, whilst the audiovisual tax reliefs have played a vital role in making the UK one of the most successful screen sectors in the world, strong global competition from many countries boosting their own tax incentives has meant that UK independent filmmakers have chosen to film on location abroad rather than in the UK. Pact and the BFI believe that the uplift in the film tax credit will lead to more producers choosing to film in the UK, sustaining jobs and creating new opportunities.”

Introduced more than a decade ago, the UK’s film and high-end TV tax credit has been hugely successful, bringing numerous shows from major streamers and studios to the nation and making it easier to get local shows off the ground.

Hunt introduced a simplified Audio-Visual Expenditure Credit last year but this only initiated a real terms increase of around 0.5%. He then used his Autumn Statement to decline to raise relief for indie film, which Pact said was a “missed opportunity to remedy a clear market failure.” A consultation has also been launched over whether to extend tax relief to VFX.

In recent months, producers have been telling Deadline that the tax credit is making less of a difference to getting shows off the ground as costs continue to soar. The bosses of The Crown and Doctor Who indies last week told us they are forging lower-budget slates in response to the tricky market.



Source link

Tags: BritishCreditFilmHighHuntJeremyRaisedTax
Share30Tweet19
rmtsa

rmtsa

Recommended For You

Sean ‘Diddy’ Combs asks to be released from jail on $50-million bond – National

by rmtsa
July 29, 2025
0
Sean ‘Diddy’ Combs asks to be released from jail on -million bond – National

Lawyers for Sean “Diddy” Combs asked a judge to release him on a $50-million bond on Tuesday while he awaits sentencing in his federal sex crimes case. This...

Read more

Ray J Breaks Silence On Whitney Houston Relationship

by rmtsa
July 29, 2025
0
Ray J Breaks Silence On Whitney Houston Relationship

In what Ray J called his “last interview,” he set the record straight on his relationship with Whitney Houston and rumors that he “murdered” her. “We were in...

Read more

Lil Baby Hosts Fifth Annual Back to School Fest in Atlanta, Giving Back to Over 4,000 Families • Hollywood Unlocked

by rmtsa
July 29, 2025
0
Lil Baby Hosts Fifth Annual Back to School Fest in Atlanta, Giving Back to Over 4,000 Families • Hollywood Unlocked

Lil Baby is proving—yet again—that his commitment to the community goes far beyond the music. This weekend, the Grammy-winning rapper and philanthropist teamed up with his nonprofit The...

Read more

Philadelphia Renames Street After Teddy Pendergrass

by rmtsa
July 28, 2025
0
Philadelphia Renames Street After Teddy Pendergrass

by Cedric 'BIG CED' Thornton July 28, 2025 'It's been so many years just thinking about dad and what he meant to the city of Philadelphia,' said Teddy...

Read more

Tyra Banks Asked Her 9-Year-Old Son to Sign Contract Limiting Video Game Usage

by rmtsa
July 28, 2025
0
Tyra Banks Asked Her 9-Year-Old Son to Sign Contract Limiting Video Game Usage

"He signed it, it's like it never existed. What do I do?" Banks laments -- before getting some solid parenting advice. Tyra Banks is giving her 9-year-old son,...

Read more
Next Post
Kevin Abstract appears on the cover of Alternative Press’ Spring 2024 Issue

Kevin Abstract appears on the cover of Alternative Press’ Spring 2024 Issue

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Celebrity
  • Comics
  • DramaAlert
  • Gossip
  • Movie
  • Music
  • TV
  • Uncategorized

CATEGORIES

  • Celebrity
  • Comics
  • DramaAlert
  • Gossip
  • Movie
  • Music
  • TV
  • Uncategorized
No Result
View All Result

Recent News

  • Sean ‘Diddy’ Combs asks to be released from jail on $50-million bond – National
  • Gal Gadot Sunbathing In Bikini Receives Unwelcome Comments
  • The Horniest Movie Reviews on Letterboxd

Copyright © 2023 DramaWired.
DramaWired is a content aggregator and not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Celebrity
  • DramaAlert
  • Gossip
  • Movie
  • TV
  • Music
  • Comics
  • Shop

Copyright © 2023 DramaWired.
DramaWired is a content aggregator and not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In