UK-qualifying films budgeted up to £15m will now receive tax relief of 40% following the introduction of the long-awaited ’indie tax credit’ aimed at reinvigorating the homegrown production sector.
Chancellor Jeremy Hunt unveiled the changes in today’s (March 6) Spring budget. ”I committed to providing more tax relief for visual effects in film and high end TV,” Hunt also said. ”I can today confirm that we will increase the rate of tax credit by 5% and remove the 80% cap for visual effects costs in the audiovisual expenditure credits.”
A 40% relief on business rates for UK studio facilities has also been introduced.
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