Tax Boost for UK Games, Film and TV Production in 2015 Budget

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Both big screen films and small screen TV production has just gained a further boost in the UK, after the government announced it is to further enhance the tax credits offered for TV and film, along with expanding support for the video game industry.

A number of SF and fantasy productions could benefit from the changes, as could game makers across the UK.

Announced in today’s budget, Variety notes this measure improves the relief for films with a qualifying budget of £20 million or over. Previously, the rate of tax relief for those films was 25 per cent of the first £20 million of qualifying UK expenditure, with any excess qualifying UK expenditure receiving a 20 per cent tax credit.

There is no change for films with a total core expenditure of £20 million or less. Production companies for those films are already able to claim a cash rebate of up to 25 per cent of UK qualifying film production expenditure.

The government has also introduced a new children’s television tax relief from April 2015, which will include children’s programmes that are game shows or competitions.

“Our creative industries are already a huge contributor to the British economy, and today we make our TV and film tax credits more generous,” said Chancellor George Osborne. “Britain is a cultural centre of the world, and with these tax changes, I am determined we will stay that way.”

The government is also planning to enhance its funding of the Skills Investment Fund by £4 million to expand training and development across film, TV, visual effects, video games and animation.

A new £4 million Video Games Prototype Fund is being proposed over the next four years to support the video game business.

A new initiative to further boost broadband speeds was also announced as part of a new digital strategy.

The changes are set to take effect on or after 1st April 2015 – but as state aid, they will need the approval of the European Union.

Categories: Animation, Doctor Who, Film, Games, Other Worlds, Star Wars, Television

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