British Film Commission and Framestore welcome package of measures, futureproofing the UK’s film, High-end TV and animation tax credits
Responding to the UK Chancellor’s Spring Budget, which sets out a package of reforms to the audio-visual tax reliefs, the British Film Commission has welcomed the package of measures and the recognition it demonstrated from the Government for the UK’s film and HETV sector.
The Government outlined their proposals for the audiovisual tax reliefs, namely that following a public consultation, the film, TV and video games tax reliefs will be reformed, becoming expenditure credits instead of additional deductions from 1 April 2024. A new Audio-Visual Expenditure Credit will replace the current film, High-end TV, animation and children’s TV tax reliefs. Film and High-end TV will be eligible for a credit rate of 34% and animation and children’s TV will be eligible for a rate of 39%. The expenditure threshold for High-end TV will remain at £1 million per hour, although the minimum slot length would be reduced to 20 minutes.
Adrian Wootton OBE, chief executive of the British Film Commission, said:
“Today’s announcement is a real recognition from the Government of the growth and opportunity our UK Film and High-end TV industry presents. The UK’s tax reliefs have directly influenced many productions’ decisions to base themselves in the UK, contributing billions of pounds to the economy and hundreds of thousands of jobs across the UK’s nations and regions. With increasingly intense international competition, we’re delighted to welcome this package of measures, future-proofing the UK’s film, High-end TV and animation tax credits and our position as a leading global production hub.”
“While much of the detail is yet to be worked through, today’s announcement demonstrates a strong commitment from Government to continuing to support the growth of our film and TV sector, creating jobs and opportunities in all four UK nations and region for years to come”.
Sir William Sargent, chairman, Framestore Company 3 Group, said:
“Framestore welcomes the government’s continued support for this major contributor to the UK economy.”
“We are particularly pleased that the government intends to look further at targeted support for the visual effects sector, and the consequences the 80% cap have on qualifying expenditure.”
“VFX – the digital part of film and TV production – is a key technology sector responsible for significant innovation and trickle-down benefits across the economy. We appreciate that the government has taken this important fact on board, and is working with us to investigate how we might support the VFX industry going forward.”
Framestore is an Oscar, Emmy, BAFTA and Cannes Lion-winning creative studio known for bringing extraordinary ideas to life across genre defining film and TV, iconic advertising campaigns and pioneering immersive experiences.
Home to over 3000 creatives, artists, producers and technologists across offices in London, Montreal, Vancouver, Mumbai, Melbourne, LA, Chicago and New York, Framestore is known for blending creative excellence with ground-breaking technical innovation.
