Creative tax reliefs fuel film and TV boom
Tax reliefs targeted at the creative industries produced a return on investment of £13.48 billion gross value added (GVA) between 2017 and 2019, according to research from the British Film Institute (BFI).
This amounted to a 23.7% GVA increase since 2017, with direct spend on screen production in the UK also increasing by 74% to reach £13.86bn.
Spend is set to surpass previous levels again this year, with £4.7bn spent on film and high-end television production from January to September 2021.
Ben Roberts, chief executive at the BFI, said the results of the research were "evidence of the strength of the tax reliefs and how they have supported a staggering level of production and jobs, and built business across the UK's nations and regions".
"It's a testament to this strength that our screen industries have bounced back faster than almost any other industry post pandemic."
Targeted reliefs are available for productions including film, high-end television, video games, children's TV and animation, as long as they meet a series of cultural tests set out by the BFI.
Companies that qualify can increase their amount of allowable expenditure, potentially reducing the corporation tax they have to pay.
Talk to us about tax reliefs for your sector.