Magazine article Screen International

Screen Tax Reliefs Boost UK Economy, Report

Magazine article Screen International

Screen Tax Reliefs Boost UK Economy, Report

Article excerpt

Tax reliefs for the UK film, TV and animation industries are generating billions of pounds for the UK economy, according to a new report produced by analysts Olsberg SPI and Nordicity.

According to the study, the film sector contributed additional revenues to the UK exchequer of £1.1bn in 2014.

High-end TV generated an additional £249m while £429m came from video games and £52m from animation programmes.

The report highlights that each £1 of film tax relief generates £12.49 in GVA for the economy and it pays close attention to the benefits of the fledgling TV credit, finding that spend on high-end TV in the UK was 87% higher in the first year of the tax relief than the preceding year.

The report illustrates the benefits of the film tax relief, which it claims costs HM Treasury approximately £164m a year and supports an annual average production spend on film in the UK of £1. …

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