British TV and film producers have been handed new tax reliefs today as the Government vows to back the ‘makers of the next Barbie’.
The movie business has boomed as firms flock to the UK to shoot blockbusters including Barbie, Wonka and Indiana Jones and the Dial of Destiny.
This is thanks to generous tax breaks for foreign and homegrown film makers. And under the incoming changes, producers will receive even more support to keep the cameras rolling.
This includes an additional £5,000 in tax reliefs for high-end films, TV and video games, as well as an extra £42,500 for children’s TV and animated films.
Booming: Firms are flocking to shoot blockbusters in the UK
‘We are backing the makers of the next Barbie with this more generous tax credit system for British production talent,’ Nigel Huddleston, financial secretary to the Treasury, said.
‘The UK is a world leader in creativity, and we want that [to] continue.’
But the latest concession comes as film and TV companies fight to reach a deal over a tax on new studios that many fear could wreck the booming industry.
According to the Mail on Sunday, new studios – defined as those that were not up and running by last spring – face astronomical rises in business rates.
And film and TV companies are seeking to hammer out an agreement with the Valuation Office Agency (VOA) about these taxes – warning that new sites could collapse.
