TVEUROPE
The U.K. is reforming its film and television tax incentives in a series of measures unveiled as part of the Spring Budget 2023.
As of April 1, 2024, the film, TV and video games tax reliefs will become expenditure credits instead of additional deductions. The new Audio-Visual Expenditure Credit will replace the current film, high-end TV, animation and children’s TV tax reliefs. Films and high-end television will be eligible for a credit rate of 34 percent, with animation and children’s TV at 39 percent. The expenditure threshold for high-end TV will remain at £1 million per hour, but the minimum slot length is being lowered to 20 minutes from 30 minutes.
Full details of the expenditure credits will be published this summer.
Adrian Wootton, chief executive of the British Film Commission, welcomed the reforms, noting they serve as “a real recognition from the government of the growth and opportunity our U.K. film and high-end TV industry presents. The U.K.’s tax reliefs have directly influenced many productions’ decisions to base themselves in the U.K., contributing billions of pounds to the economy and hundreds of thousands of jobs across the U.K.’s nations and regions. With increasingly intense international competition, we’re delighted to welcome this package of measures, future-proofing the U.K.’s film, high-end TV and animation tax credits and our position as a leading global production hub.”
Wootton added: “While much of the detail is yet to be worked through, today’s announcement demonstrates a strong commitment from government to continuing to support the growth of our film and TV sector, creating jobs and opportunities in all four UK nations and region for years to come.”
