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British Treasurer Jeremy Hunt
Courtesy of Stéphane Rousseau – WPA Pool/Getty Images
Conservative leader Rishi Sunak’s UK government on Wednesday announced a 40% cut in corporation tax on film and TV studio properties until 2034, introduced a new 40% independent film subsidize, and introduced a new 40% independent film subsidized rate for visual effects. Announcing an increase in existing incentives. The move was praised by entertainment industry leaders, who also said: Jurassic World The film is scheduled to begin shooting in the country later this year.
It was announced by Chancellor Sunak or Chancellor of the Exchequer Jeremy Hunt in his Spring Budget speech.
“We have become Europe’s largest film and television production center, with Idris Elba, Keira Knightley and Orlando Bloom all filming their latest films here,” Hunt said, adding that if production space grows He added that if the current pace continues, the country will enter the ranking next year. In that respect, it is “second only to Hollywood.” “Studio space in the UK has doubled in the last three years and at current growth rates it will become second in the world after Hollywood next year,” he explained.
The Prime Minister also announced that the tax credit rate would be increased by 5 percent and the 80 percent cap on visual effects costs in the audiovisual expenditure deduction would be removed. He added: “After listening carefully to companies such as Pinewood, Warner Bros. and Sky Studios, we will provide eligible UK film studios with a 40% reduction in gross business rates until 2034.” Ta.
Hunt then announced “new tax credits for independent British films with budgets of less than £15 million ($19 million).”
Creative UK, the interest group representing the UK’s creative industries, recently appealed to the government to review the so-called ‘studio tax’, saying: “Film and TV production has slowed down in the UK recently. One of the contributing factors to this is the ‘studio tax’…Following concerns of studio closures, we have urgently requested this to the Treasury. I am asking you to reconsider. ”
Dana Strong, CEO of Comcast’s Sky Group, praised the government’s actions. “I am delighted that today the Chancellor has announced a ‘reduction’ in business rates for TV and film studios, delivering important tax relief to ensure the UK’s world-class film and TV production sector continues to thrive. ” she said. “Today’s announcement brings confidence to the industry and unlocks job opportunities while providing a stable foundation for tomorrow’s investment in the UK.”
she also Jurassic The hit series Jurassic 4 will be filmed at the company’s Sky Studios Elstree facility in north London. Evil and paddington 3. In the previous movie, Jurassic According to Sky, the franchise has brought more than 2,000 jobs to the UK and more than £180 million ($230 million) in spending.
The tax break also gives Sky “confidence” to proceed with the investment and “submission process for the Sky Studios Elstree North expansion”, the company said. In its first five years alone, Sky Studios Elstree North is expected to create 2,000 jobs and bring an additional £2 billion ($2.55 billion) in production costs to the UK.
The Budget was also welcomed by PACT and the British Film Institute (BFI), the industry bodies representing the UK’s independent TV, film, digital, children’s and animation media companies. “Both the Accord and the BFI believe that strengthening the film tax credit will strengthen the Indigenous film sector’s ability to attract funding and continue to develop critical talent that will benefit the wider audiovisual sector.” mentioned in. “Furthermore, while audiovisual tax breaks have played a key role in making the UK one of the most successful film industries in the world, global competition has meant that many countries have increased their own tax incentives. The deal and the BFI say the increase in film tax credits will encourage more producers to choose to film in the UK, retain jobs and create new ones. I believe that it will create great opportunities. ”
Jay Hunt, chairman of the BFI, said: “The government’s new tax credits are a game-changer for British filmmakers, creating jobs and ensuring Britain’s great stories continue to be told.”
BFI CEO Ben Roberts added: “This is a dramatic moment for British film and the most significant policy intervention since the 1990s. The positive impact of this will be felt across the industry and through every new film that audiences can enjoy. The films we make are vital to our cultural expression and creativity, reflect a diverse and global Britain and build careers.”
Mr Hunt on Wednesday announced measures to ensure the UK becomes “the next Silicon Valley”.
Mr Hunt was spotted all over the British media on his way to the spring budget speech carrying his famous red briefcase, which traditionally contains the prime minister’s budget notes.
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