Following yesterday’s budget, a package of changes to the Film Tax Relief (FTR) will take effect from 1 April:
- Film Tax Relief will be available at 25% on the first £20 million of qualifying production expenditure and 20% thereafter
- The minimum UK expenditure requirement will be reduced from 25% to 10%
- The cultural test will be modernised
The changes are all designed to make the FTR easier to use and more attractive to film makers from around the world.
Government is committed to supporting the sector and very aware of the outstanding cultural and economic contribution the industry makes to the UK.
Highly regarded internationally (new BFI statistics released today reveal that British films took out 25 Major awards last year), the UK film industry is a major component of the nation’s creative industries which generate more than £8 million an hour for the UK economy.