Further boost for creative industries

The Chancellor yesterday confirmed several measures which will provide further support for the UK’s creative industries. Although these are subject to state aid approval by the EC, they reaffirm the important contribution these industries make to the UK economy and the Chancellor’s intention that the UK remains internationally competitive in creative sectors. The tax credit for films with budgets over £20m will be available at 25% on all qualifying expenditure incurred from April 2015 (the credit was previously limited to 20% for expenditure exceeding £20m) to match the 25% credit which is available for films with budgets of less than £20m.  This is a clear 'welcome mat' for any of the film production companies considering producing high budget titles in the UK. The Chancellor confirmed that the minimum UK expenditure requirement for the high-end TV tax credit and animation tax credit will reduce from 25% to 10% from April 2015 and … Continue Reading ››