UK Gov’t Addresses Tax Credit Concerns In Autumn Statement But Declines To Raise Indie Film Relief
deadline.comThe UK government has used its Autumn Statement to quell industry concerns around the new tax credit but declines to raise relief for indie film, while Equity has slammed the Conservatives for “undermining public service broadcasters and pursuing a culture war against marginalised groups.” Delivered earlier this afternoon, the statement from Chancellor Jeremy Hunt dealt with complaints from the likes of Warner Bros.
Discovery, Paramount and Pinewood by scotching planned restrictions on tax credit relief for what is termed “commercial party transactions,” along with addressing concerns over which documentaries qualify for the credit.
Hunt also announced he will launch a consultation that could see tax relief expanded to cover VFX firms. Introduced more than a decade ago, the UK’s lucrative film and high-end TV tax credit has been hugely successful.
It was simplified by Hunt eight months ago when he announced a new Audio-Visual Expenditure Credit to come into effect next year, bringing together a number of different credits, which reformed the relief from a rebate of 25% to a credit of 34% from next year – a 0.5% real-terms increase.
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