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British film industry gets more tax breaks from EU

British film industry gets more tax breaks from EU

The EU has given the go ahead for more tax breaks for films which are produced in the UK.

The government’s plans to enable film production companies to claim tax relief of 25% which would be payable towards the cost of production has received the green light.

Box office success

The latest move will see the tax break for films become the same as for TV productions. In practice, it means that a British film costing £40m will have an extra £1m available towards productions costs.

The tax breaks already in operation have proven popular with the industry and led to considerable success at the box office.

The production of blockbusters including 'Gravity', 'Avengers: Age of Ultron' and 'The Theory of Everything' have all seen the benefits.

Backdated

The scheme will also be backdated so that it will apply from April 2015.

CEO of the British Film Institute, Amanda Nevill commented: "The film tax relief is a key ingredient in the UK's winning combination of outstanding filmmaking talent and crews, world-leading studios and facilities, and iconic locations."

"It keeps us competitive on the world stage, and helps grow our economy and create jobs at home," she added.

The positive effects for UK careers based in film production include technical roles in production and associated jobs in costume and set design amongst many others.

In total, around £2bn worth of new business is expected to be created as a result of the changes.


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