Magazine article Screen International

Film Tax Relief Reaches $372M in 2015

Magazine article Screen International

Film Tax Relief Reaches $372M in 2015

Article excerpt

Government support for the UK film industry through its film tax relief programme reached $372m (£251m) in 2015.

According to HM Treasury, the initiative generated more than $1.5bn (£1bn) worth of investment in the UK this year.

It also revealed that the total amount of investment secured since the scheme was originally introduced in 2007 has now reached $10.2bn (£6.7bn).

Earlier this year it was reported that film tax relief would be increased to 25%, regardless of budget level, with the government hoping to encourage more productions such as Gravity and Avengers: Age Of Ultron to shoot in the UK.

However, the Treasury also noted that a third of all government support through the relief went to UK independent productions.

The relief is available to films which qualify as British productions through a cultural test or via an official UK co-production treaty.

Chancellor George Osborne said: "I'm delighted that the golden age for British creative industries is going from strength to strength. …

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