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#U.K. to Boost Film, TV Tax Credits From 25 to 34 Percent

U.K. to Boost Film, TV Tax Credits From 25 to 34 Percent

The British government said on Wednesday that it would raise tax credits for film and TV productions from 25 percent to 34 percent.

The news came as part of the annual budget speech, delivered by chancellor of the exchequer, or finance minister, Jeremy Hunt. The threshold for high-end TV productions to qualify for the incentives will remain at £1 million ($1.2 million), he said.

“I will introduce an expenditure credit with (a) rate of 34 percent for film, high-end television and video games and 39 percent for animation and children’s TV sectors,” the minister in the Conservative Party government of Prime Minister Rishi Sunak said during the speech in the British parliament’s House of Commons in London on Wednesday. “I’ll maintain the qualifying threshold.”

Among the popular TV hit shows that have often been touted as examples of Britain’s success around the world are the likes of The Crown and Peaky Blinders.

Hunt also touted the momentum and contribution of the creative industries. “Our film and TV industry has become Europe’s largest, with our creative industries growing at twice the rate of the economy,” he said.

He also highlighted during his budget speech that the U.K. was now “the world’s third trillion dollar tech economy after the U.S. and China.” Hunt previously signaled that he wants to drive the country’s tech sector growth and make it the “next Silicon Valley.”

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