New Report Shows UK Tax Reliefs Help Fuel Boom in UK Screen Industries
Tax reliefs across film, high-end television, video games, animation programmes and children’s TV are powering unprecedented levels of production in the UK, generating an economic contribution of £7.9bn in 2016.
An independent new report commissioned by the BFI demonstrates the huge value of the government tax reliefs across the UK’s screen industries, seeding unprecedented levels of production, creating thousands of jobs, growing businesses and infrastructure, generating record levels of inward investment, boosting exports of UK productions and services internationally and creating spillover benefits for other industries.
The report reveals that an estimated £632 million in tax relief seeded £3.16 billion in direct production spend 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.
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