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UK Government unveils 40% tax credit for film and TV studios

UK Government unveils 40% tax credit for film and TV studios

While reading the UK government's spring budget on Wednesday, Chancellor of the Exchequer Jeremy Hunt unveiled a 40% corporate tax break for film and TV studios until 2034.

The plan also includes a new tax break for independent films shot in the UK with a budget of less than $19 million (£15 million), and a 5% increase in credit for visual effects in high-end film and television alongside takedowns. From the maximum 80%.

“We have become the largest center for film and TV production in Europe, with Idris Elba, Keira Knightley and Orlando Bloom all filming their latest productions here,” Hunt said. “Our studio space in the UK has doubled in the last three years, and at the current rate of expansion, next year we will be It is second only to Hollywood in the world.

Hunt went on to say that the government had listened “attentively to presentations from companies such as Pinewood, Warner Bros. and Sky Studios” when making the decision. In a statement following the budget presentation, Sky Group CEO Dana Strong revealed that the upcoming “Jurassic World” film is preparing to film at Elstree North.

Strong said: “We are delighted that the Chancellor of the Exchequer has today called for a cut in TV and film studio business rates, providing vital tax relief to enable the UK’s global film and TV production sector to continue to thrive.” Confidence in the sector, opening up jobs while providing a stable foundation for tomorrow's investments in the UK, such as our proposal for Sky Studios Elstree North and the filming of Jurassic 4 at NBCUniversal.

Gareth Edwards, director of Jurassic World 4, also expressed his happiness at this news.

“When I watched Star Wars as a kid, I always assumed that making blockbuster films was just a pipe dream for someone who grew up in the UK, but then, when I saw behind the scenes, I suddenly realized that it was all filmed in a studio abroad.” Live. From London. “Aspirational commercial filmmaking is completely within the reach of British filmmakers,” he said. “Small budget and shot in a few weeks. I learned a lot, very quickly, and I would certainly describe it as one of the most creative experiences I’ve ever had.” Launch. Without this opportunity I would never have been given the Godzilla, Star Wars and The Creator films… Now as we organize the filming of the new Jurassic Park film in a studio outside London, I hope we can inspire others New filmmakers shoot small films, but their dreams are always big.

Guy Hunt, Chairman of the British Film Institute, added: “The Government’s new tax credit is a game-changer for UK filmmakers, creating jobs and ensuring great British stories continue to be told. By introducing the higher rate, the Prime Minister and Chancellor are promoting the growth of The wider display sector contributes billions to the UK economy.