In a budget announcement by the British Film Commission and Film London today, Chief Executive Adrian Wootton announced that key changes will include a new Children’s Television Tax Relief, a lowering of the in-country expenditure requirement for the High-End Television Tax Relief, and an increase in the rate for the Film Tax Relief.
“The UK is a creative powerhouse, and today’s enhancements can only help our screen industries go from strength to strength,” said Wootton. “Governmental support has proven invaluable, so the new Children’s Television Tax Relief is an incredibly positive step. Similarly, the enhancements to the High-End Television, Animation and Film Tax Reliefs will make the UK an even more popular destination for international clients and potential co-producers. This, of course, will in turn help our award-winning infrastructure thrive while creating new jobs and encouraging new investment.“
The High-End Television Tax Relief minimum U.K. expenditure requirement has been lowered from 25% to 10%. This minimum will also apply to the new Children’s Tax Relief, as well as to the existing Animation Tax Relief. The rate of relief for the Film Tax Relief scheme has been increased to 25% for all qualifying expenditure — previously the first 20 million GBP received this rate, with excess qualifying expenditure receiving a 20% tax credit.
