Enhancements to UK Film Tax Relief announced by Her Majesty's Government.
In the 2013 Autumn Budget Statement, Her Majesty's Government announced three key enhancements to UK Film Tax Relief. These are:
The proposed modernisation of the UK Film Tax Relief and the Cultural Test should encourage increased film investment into the UK, enhance opportunities for Britain's visual effects sector and facilitate co-production. The changes are due to be operational on or after 1 April 2014 subject to European Union state aid approval.
The enhancements to UK Film Tax Relief are welcome news to the VFX community. Double Negative's Managing Director Alex Hope commented that the Government's intervention will help to ensure that the UK 'can deliver that end to end service to its clients wherever they are in the world and also, crucially, to allow British independent filmmakers to benefit ....' Source: Geoffrey Macnab, Screen Daily
For information on how to currently qualify a film, television or animation production as British and available UK Tax Relief read our insight articles UK Film Tax Relief and New Creative Industries Tax Reliefs
For other international film tax credit updates go to our affiliate EP Financial Solutions' website.