U.K. Government Unveils 40% Tax Relief Plan for Film and TV Studios as ‘Jurassic World 4’ Sets Shoot in Country

variety.com:

Ellise Shafer During the reading of the U.K. government’s spring budget on Wednesday, Chancellor of the Exchequer Jeremy Hunt revealed a 40% corporate tax relief for film and TV studios through 2034.

The plan also includes independent films shot in the U.K. that have a budget less than $19 million (£15 million), and a 5% increase in credit for visual effects in film and high-end TV along with the removal of the 80% cap. “We have become Europe’s largest film and TV production center, with Idris Elba, Keira Knightley and Orlando Bloom all filming their latest productions here,” Hunt said. “Studio space in the U.K.

has doubled in the last three years, and at the current rate of expansion, next year we will be second only to Hollywood globally.” Hunt continued to say that the government had listened “carefully to representations from companies like Pinewood, Warner Bros.

and Sky Studios” when making the decision. In a statement following the budget presentation, Sky Group CEO Dana Strong revealed that the next “Jurassic World” movie is gearing up to shoot at Elstree North. “We’re delighted that the Chancellor called ‘Cut’ today on TV and Film studio business rates, providing vital tax relief to enable the UK’s world-class film and TV production sector to continue to thrive,” Strong said. “Today’s announcement brings confidence to the sector, unlocking job opportunities whilst providing a stable foundation for the investments of tomorrow in the U.K., such as our proposal for Sky Studios Elstree North and the filming of NBCUniversal’s ‘Jurassic 4.’” Added BFI chair Jay Hunt, “The Government’s new tax credit is a game changer for U.K.