The UK Screen Alliance has welcomed improvements to film and high-end TV incentives announced in today’s government budget which they say will boost the country’s visual effects industry.
The Chancellor of the Exchequer Jeremy Hunt has announced improvements to the film and high-end TV incentives in the Spring Budget today, specifically for visual effects (VFX), which will give a significant boost to the UK’s VFX industry, and are as a result of the proposal submitted to HM Treasury by UK Screen Alliance.
The Government has proposed that for productions spending more than 5% of their budget on VFX in the UK, it will lift the 80% cap on total eligible expenditure for the VFX spend only, and that the rate of Audio Visual Expenditure Credit for the VFX spend will be lifted to 39%.
The changes announced today, according to UK Screen Alliance estimates, are likely to stimulate an additional £175 million of VFX work to be performed in the UK; a 32% increase on the annual pre-pandemic VFX spend on film and high-end TV. This will generate 2,000 new high-tech and high productivity jobs in VFX and a further 800 indirect jobs.
UK Screen Alliance, the voice for over 170 companies across the UK in Post Production, VFX, Animation, TV & Film Studios and Production Services, has calculated that the VFX enhancement will be self-funding, as tax receipts from the increased economic activity will cover the cost of the Exchequer providing the incentive.
“This is a major breakthrough,” says Neil Hatton, CEO of UK Screen Alliance. “Before, productions would either film in the UK or do their VFX here, but rarely both, because of the cap on tax relief. That will no longer be the case and the significant growth potential in the UK’s VFX sector will now be unlocked.
Welcoming the announcements, the UK Screen Alliance will next submit a response to a consultation on the Government’s proposals, which are expected to take effect in April 2025.
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The founder of downthetubes, which he established in 1998. John works as a comics and magazine editor, writer, and on promotional work for the Lakes International Comic Art Festival. He is currently editor of Star Trek Explorer, published by Titan – his third tour of duty on the title originally titled Star Trek Magazine.
Working in British comics publishing since the 1980s, his credits include editor of titles such as Doctor Who Magazine, Babylon 5 Magazine, and more. He also edited the comics anthology STRIP Magazine and edited several audio comics for ROK Comics. He has also edited several comic collections, including volumes of “Charley’s War” and “Dan Dare”.
He’s the writer of “Pilgrim: Secrets and Lies” for B7 Comics; “Crucible”, a creator-owned project with 2000AD artist Smuzz; and “Death Duty” and “Skow Dogs” with Dave Hailwood.
Categories: Animation, Digital Media, downthetubes News, Film, Other Worlds
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