The British government has provided a boost for the UK film and TV industry by announcing that it is raising tax breaks and maintaining the qualifying threshold.
Jeremy Hunt, the British Chancellor of the Exchequer, said he would increase the film and TV expenditure credit from 25% to as much as 34% from January 2024.
He added that the qualifying threshold for high-end TV shows would be held at £1M ($1.2M). Ministers looked at raising the threshold, to the dismay of producers who said it would discourage investment.
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Announcing the measure in his budget, Hunt told the House of Commons: “Our film and TV industry has become Europe’s largest with our creative industries growing at twice the rate of the economy.”
In addition to the changes to the film and TV tax relief, Hunt said the animation and children’s TV sector will receive a 39% tax credit. The tax reliefs have been renamed the Audio-Visual Expenditure Credit.
Ministers published a 25-page document featuring more detail. This includes:
- The minimum episode length of a TV show that can qualify for tax relief has been reduced from 30 minutes to 20 minutes
- The government will maintain the 80% cap on qualifying expenditure
- All tax credit claims will now need to be made online
Former Chancellor George Osborne first introduced wide-ranging tax breaks in 2013 and they have played a big role in helping the UK’s film and TV business boom in recent years.
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