How Creative Industries Can Benefit From The New Tax Relief Measures
The Treasury has announced tax reliefs for creative industries in a bid to keep them on home turf.
Many high-budget TV productions have been filming in locations such as South Africa, Ireland, France and Hungary to avoid the crippling costs of UK production, but it is hoped that tax reliefs will go a long way in keeping British TV dramas on British soil.
Research by the TV Coalition shows that if TV was allocated a similar tax credit as the film industry, £350 million a year could mean that high-budget TV productions could afford to be created in the UK, generating thousands of jobs and helping the economy.
Tax experts have warned the government that the real value of the tax reliefs needs to be announced as soon as possible so that TV companies can start their planning procedures, rather than automatically looking at locations that already offer financial incentives.
It is hoped the planned tax relief move by the Treasury will stem a recent exodus of drama-making from the UK, which has seen small-screen productions such as The Tudors and (Lord) Julian Fellowes’ drama Titanic shot overseas.
In contrast, film-makers in the UK have enjoyed tax relief since 2007.