Increase in UK Film Tax Credit approved
On 20 August 2015, the EU approved the increase in film tax credit for ‘large’ budget films i.e. with core expenditure of more than £20 million effective from 1 April 2015. The rate of film tax credit is now 25% for all film budgets meaning that a film with UK core expenditure of £20 million will receive an additional £1 million in tax credit under the new rules.
With studio space already limited in the UK, this increase will ensure that the UK remains a top destination for internationally mobile films. George Osbourne stated “A key part of our long-term economic plan is supporting our creative industries that contribute billions to the economy and provide millions of jobs.”
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