Tuesday, 19 June 2012 10:52
The Government will introduce tax reliefs, targeted at animation, high-end TV and video games.
The UK’s creative industries will benefit from tax reliefs that are among the most generous in the world, under Government plans announced yesterday.
At Budget 2012, the Government announced that it would introduce tax reliefs, targeted at animation, high-end TV and video games as part of its ambition to make the UK the technology centre of Europe. The reliefs will help support technological innovation and ensure that creative industries continue to contribute to economic growth and British culture.
The UK is a world leader at production in these sectors and the Government is keen to provide the necessary support to maintain this status. Without Government support, there is a risk that underinvestment will lead to valuable productions moving overseas or not happening at all.
These reliefs will build on the success of the existing Film Tax Relief, which has led to £1 billion in extra investment in British cinema, supporting thousands of jobs and supporting skills invaluable to the broader economy.
The Chancellor of the Exchequer said: "High-end TV, animation and video games production are exactly the kind of innovative, high-tech industries at which this country excels, and the Government is determined to support them as part of our efforts to grow this economy."
The consultation published yesterday invites views from individuals, companies, and representative and professional bodies on the proposed design options and will close on 10 September 2012.
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