BFI says Creative Industry Tax Relief is effective

The British Film Institute (BFI), has commented on a new independent report, which demonstrates the immense value added by the Government’s Creative Industry Tax Reliefs across the UK’s screen industries.
Produced by analysts Olsberg SPI with Nordicity, the report shows that an estimated £632 million in tax relief contributed towards £3.16 billion in direct production spend in 2016 – a 17 per cent increase on the previous year.
This in turn contributed towards the £7.9 billion generated to the economy from UK-made productions, including £2 billion in tax revenues.
In fact, production spend, which would not take place without the tax reliefs, doubled gross value added (GVA) to £4.1 billion in 2016.
Entitled Screen Business: How tax incentives help power economic growth across the UK, the report gives a detailed overview of the film industry’s contributions to the UK and, for the first time, analyses the new tax reliefs for video games, TV animation programmes and children’s TV programmes.
Margot James, Minister for the Creative Industries, said: “The UK is a creative powerhouse for producing many award-winning films, shows and video games enjoyed by millions globally. It is home to incredible success stories such as James Bond, Batman Arkham, The Crown and Horrible Histories demonstrating that Britain is a hub for creativity.
“These fantastic statistics show investment in our screen industries is booming and government is committed to supporting their continued success through our tax reliefs and modern industrial strategy, which is helping our creative sectors go from strength to strength.”
Amanda Nevill, BFI CEO added: “Screens of all sizes are now central to our daily lives and today’s report shows the UK as a global leader in creating the content for those screens. This new report endorses the huge part the government’s tax incentives play in our success story, creating a fiscal environment that’s boosting the economy, creating jobs and supporting our outstanding talent and infrastructure.
“The reliefs are also of huge cultural importance, enabling talent to produce the richest possible range of films, television programmes and video games, which create IP, and are loved by audiences both at home and around the world. It is the BFI’s mission to maintain and improve this globally competitive environment for the future and the BFI stands ready to work with government and industry to help continue this growth in the years ahead.”
It is undeniable that Creative Industry Tax Relief continues to play an important role within the media industry and the wider economy. If you would like to learn whether your next project could benefit from the relief on offer, please contact us.

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