The UK will introduce new tax relief for national producers of films, TV content and video games at the start of 2024, the UK Department for the Economy has announced.
As of January 1, these types of productions will receive greater tax breaks, as well as “greater flexibility in production decisions and more transparency about how much they can receive from credit companies.”
With the new rule, children's content and TV animation, as well as films with expenses exceeding one million pounds (about 1.15 million euros) will receive an additional tax benefit of 42,500 pounds (about 48,800 euros).
For its part, the rest of the television, cinema or video game productions will receive an additional tax benefit of 5 thousand pounds sterling (about 5 thousand and 700 euros).
Although the new procedure comes into effect on January 1, and to facilitate adaptation to products whose development extends until April 1, 2025, they will be able to benefit from the previous tax system until April 1, 2027.
According to Finance Minister Nigel Huddleston, the executive hopes this aid will support “the creators of future Barbie, Happy Valley or Grand Theft Auto.”
He added: “The UK is a world leader in creativity and we want to ensure this continues into the future by facilitating the success of British films, TV content and video games.”
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