New report reveals potential impact of tax relief in screen
ScreenSkills today highlights the ever growing importance of investing in skills and training as a new report from the British Film Institute (BFI) details the enormous value of tax reliefs for the UK’s screen industries.
The tax reliefs have helped generate unprecedented levels of production and created thousands of jobs.
9th October 2018
The report reveals that an estimated £632 million in tax relief seeded £3.16 billion in direct production spending in 2016, a 17% increase on 2015. UK-made productions generated £7.9 billion as the screen sector’s overall economic contribution (GVA), including £2 billion in tax revenues. Production spend which would not take place without the tax reliefs, known as additionality, doubled GVA to £4.1 billion in 2016.
‘Screen Business: How tax incentives help power economic growth across the UK' analyses the economic contribution of the tax reliefs for film, high-end television and, for the first time, includes the new tax reliefs for video games, TV animation programmes and children’s TV programmes. The report uses the latest complete dataset available from 2016.
The report was produced by analysts Olsberg SPI with Nordicity, and commissioned by the BFI, working with industry partners including the British Film Commission (BFC), Pact, Pinewood Group, UK Interactive (Ukie), the UK Screen Alliance and Animation UK.
Rt Hon. Philip Hammond MP, Chancellor of the Exchequer said: “From TV shows like The Crown to films like Darkest Hour, and animations like Peppa Pig, our creative industries are intrinsic to the rich cultural fabric of the UK. But they’re also an important part of a dynamic and diversified economy, and a key component of our great, global trading nation.
"That is why this government is committed to supporting our highly-skilled and innovative creative industries through creative sector tax reliefs. I am confident that the creative industries will continue to grow, provide strong employment and be the face of British culture to the world in future years.”
To read the full report click here.
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