News

Record year for UK film industry tax relief

The Chancellor George Osborne confirmed government support for the UK film industry through film tax relief had reached £251m this year, generating over £1bn worth of direct investment in the UK in the last year alone.

This is the most generous support ever provided by the government, reaping huge returns for the UK through a system which ultimately generates £12.49 for the UK economy for every £1 of tax relief granted.

The official statistics released by HMRC also confirmed that £1.5bn was secured by the UK film industry through the government’s film tax relief and led to over £6.9bn investment from the film industry across the UK since 2007.

This investment has led to 260,000 full-time creative sector jobs in the UK and critical acclaim for the movies made here.

In 2014 to 2015 a record 220 films made in the UK claimed this relief.

The Chancellor George Osborne, said:

“I’m delighted that the golden age for British creative industries is going from strength to strength.

“2015 was a record year for the film industry and I’m proud that our support for this fast growing sector is securing investment, boosting productions and creating jobs across the UK.”

The Author

Paul Elliott
Media Researcher
BiP Solutions

Share this story...

 
 

The Author

Paul Elliott
Media Researcher
BiP Solutions

Share this story...

 
Please wait...

Stay in the loop

Sign up to our mailing list today and be the first to know about updates in procurement from BiP Solutions.
BiP Solutions