Budget 2013: TV companies hail George Osborne as he switches on help for drama
Thursday 21 March 2013
TV production companies have hailed George Osborne’s decision to give almost £200 million of tax breaks to high-end drama by 2018.
The new rule comes into force on April 1 and the Budget forecasts that once the scheme gains momentum, TV producers will claim tax benefits worth about £60 million a year in 2017 and 2018. Productions “must be certified culturally British” by the Department of Culture in order to get tax relief.
“The new TV tax credit is a major shot in the arm for the industry,” said Simon Vaughan, chief executive of London production firm Lookout Point, which backed ITV’s Titanic and is behind the BBC’s forthcoming War and Peace.
“Suddenly shooting at home has become a real option. In recent years that simply wasn’t the case. I think we will see more British projects staying at home as well as an influx of foreign production choosing the UK.”
Ireland, Canada and South Africa have wooed talent with big tax breaks in recent years.
The computer games industry was disappointed by the Budget, which admitted planned tax breaks have been delayed as the European Commission is carrying out a “cultural test” consultation.
- 1 I was a Woman Against Feminism too
- 2 Fifty Shades of Grey movie trailer released: First look at Jamie Dornan as Christian Grey
- 3 Is Gideon Levy the most hated man in Israel or just the most heroic?
- 4 Students offered grants if they tweet pro-Israeli propaganda
- 5 The Tory donor whose firm is one of Britain’s biggest tax avoiders - with HMRC's blessing
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
iJobs Money & Business
£18000 - £20000 per annum + OTE £25K: SThree: SThree Group has been well estab...
competitive: Progressive Recruitment: This really is a fantastic chance to joi...
£40000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: CXL, Triple Po...
£60000 - £75000 per annum + BONUS + BENEFITS: Harrington Starr: Business Anal...