Manori Ravindran Executive Editor of International British film and TV producers can breathe a sigh of relief after months of uncertainty around the country’s tax relief scheme for production.
As part of the U.K.’s spring budget, Chancellor of the Exchequer Jeremy Hunt revealed on Wednesday that he’s raising tax credits and keeping the qualifying threshold in place.
This is a welcome move for the TV production community, in particular, which has for years taken advantage of a lucrative scheme in which scripted TV shows with a minimum spend of £1 million ($1.2 million) per broadcast hour are able to claim payable cash rebates of up to 25% on qualifying U.K.
spend. The tax breaks have helped to elevate the U.K. into a major hub for international productions, yet the scheme has been under review since the fall, causing some anxiety in the production community.
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