Budget tax boosts for film, TV and video games

15 March 2023 - Press release

 

The film, TV and video game industries are set to benefit from reforms to the audiovisual tax reliefs which has been unveiled by the Government at today's Spring Budget.

From January 2024 film, high-end TV productions and video games will be eligible for a bolstered 34% credit rate; animation and children's TV will be eligible for an enhanced 39% rate.

Audio-visual tax reliefs have played a crucial role in making the UK one of the best places in the world to create film, TV and video games. These tax reliefs have proven their worth both culturally and economically.

Every pound spent on film tax relief returned £8.30 gross value added and the equivalent spend on high-end TV tax relief returned £6.44. This has helped these sectors to thrive and last year saw a record £6.3 billion spent on film and high-end TV production in the UK. The tax reliefs have supported productions across the UK, such as Game of Thrones in Northern Ireland, His Dark Materials in Wales, Outlander in Scotland and Peaky Blinders in England.

The Government has listened to industry concerns about raising the £1 million per hour expenditure threshold for high-end TV. This threshold will remain unchanged, and will continue to support a wide range of productions including comedy and drama.

These reforms will mean that the UK can build on this success and create even more fantastic films, TV and video games that are enjoyed and played the world over.

 

Creative Industries Minister Julia Lopez said: 
"I am delighted that we have been able to increase our support for the film, TV and video games industries, which have been one of the major success stories of the UK economy in recent years.

"These tax reliefs help to create jobs right across the country, drive economic growth and allow the UK to showcase its culture to the world. I look forward to seeing the ongoing benefits they bring."