Broadcast News

Bookmark and Share
23/03/2006

UK Film Council welcomes new tax relief system for British film industry

The UK Film Council has welcomed the Government’s new tax relief system for the British film industry, which it says will help to consolidate its position as the most important film industry in the world after the US.
In his Budget report, the Chancellor of the Exchequer confirmed the Pre-Budget announcement of a new tax relief system replacing Section 42 and Section 48 from April 1.
The new tax relief system will mean: on low budget films (with production budgets up to £20 million,) the tax credit level will be 20%; on higher budget films (with production budgets of £20 million and above,) the tax credit level will be 16%; the level of tax credit applies to the expenditure within the UK in order to be EU State Aid compliant 4; and the lowering of the minimum UK expenditure threshold from the proposed 40% to 25% allowing more films to qualify for tax relief.
John Woodward, Chief Executive Officer of the UK Film Council, said: “Today’s announcement by the Chancellor is good news for the British film industry and makes the UK an attractive place to make films. It provides the certainty the industry needs to operate and will help the UK consolidate its position as the most important film industry in the world after the US.
“The lowering of the minimum UK expenditure threshold from the proposed 40% to 25% is great news as more films will be in a position to qualify for tax relief.
“Audiences in the UK and abroad love British films, and today’s announcement will help to support a consistent flow of British films for the enjoyment of all.”
(GB)
Solidmate Ltd Memory Card Hire London

Top Related Stories
Click here for the latest broadcast news stories.

29/06/2017
Future Film Skills – An Action Plan
The BFI has launched Future Film Skills – An Action Plan at the House of Commons alongside the Culture Secretary, Karen Bradley, and producer Barbara
08/06/2010
UK Film Industry Substantial, Report Says
The UK film industry contributes a total of over £4.5 billion a year to UK GDP and more than £1.2 billion to the Exchequer, according to an independen
30/10/2008
Film Tax Relief Supporting UK Film Industry
New figures showing the success of the UK Government's film tax relief were published this week by Financial Secretary to the Treasury, Stephen Timms.
29/11/2006
Film Minister Welcomes Approval For Revised UK Film Tax Incentive Scheme
Film Minister Shaun Woodward has welcomed the European Commission approval of the United Kingdom’s film tax incentive scheme on the basis of EC Treaty
18/08/2000
UK TREASURY UNDER PRESSURE FROM FILM INDUSTRY
BRITISH filmmakers are putting pressure on the UK treasury to extend the 100 per cent tax relief concession on film making beyond 2002. Filmmakers say
17/11/2017
UK Studios: An International Success Story
It has often been said that Hollywood is the most recognisable film industry in the world, with hundreds of movies and television series generated eve
21/08/2015
Production News : New UK Film Tax Relief Approved
The UK's Chancellor of the Exchequer, George Osborne, has announced that a new higher rate of film tax relief for Britain has been approved by the EU.
17/06/2005
UK Film Council welcomes 'MOT' role for UK film production
The UK Film Council has welcomed the announcement of a ‘stocktake’ of film policy by Minister for Creative Industries, James Purnell, in a bid to see
17/11/2009
Film Council 'To Steer Film Through Recession'
The UK Film Council has launched a three-month public consultation into the most significant revision of its activities since it was created in 2000.
24/07/2007
Film Industry Contribution To UK GDP Up 39% In 2006
The UK film industry contributed £4.3 billion to UK GDP in 2006, up from £3.1 billion in 2004, a 39% increase in two years according to an independent
06/12/2013
British Film Commission Welcomes Chancellor's Statement
The British Film Commission has praised the enhancements to the UK's Film Tax Relief announced by the Chancellor of the Exchequer the Autumn Statement
07/12/2012
UK's Future Film Industry Boost
The BFI today announces the 24 regional partners that will help deliver its pioneering BFI Film Academy Network programme in 2012/13. The BFI Film Aca
30/03/2017
Proposals Sought For HPA Tech Retreat UK
Proposals are being sought for the main program and breakfast roundtables at the 2017 HPA Tech Retreat UK in Oxfordshire. The session grid is filling
15/04/2013
BFI Announces New Film Training
The British Film Institute has announced that new organisation Film Nation UK will deliver a film education programme for 5-19 year-olds from Septembe
18/05/2007
Main UK Film Funders Announce Agreement With Pact
BBC Films, Film4 and the UK Film Council, the three principal public funders of feature films in the UK, together with Pact, have confirmed that an ag