TV tax credit 'could end exodus' of big-budget shows
Wednesday 21 March 2012
The television industry has greeted the planned tax credit as “a much needed shot in the arm” that will stop big-budget shows going abroad to be filmed.
The Chancellor announced the plan - similar to the current film tax credit - and said it would also help attract "top international investors" to the UK.
A spokeswoman for the TV Coalition, made up of some of the biggest names in TV production, said it could "put an end to the exodus" of UK drama that has seen shows including Birdsong and Julian Fellowes' drama Titanic made abroad to take advantage of tax incentives.
Research carried out by the group estimates that the proposed plan would generate around £350 million a year for the UK economy.
Andy Harries, chief executive of Left Bank Pictures which makes shows including Wallander, said: "The proposed changes in the UK tax laws regarding television would give the British TV industry a much needed shot in the arm.
"British production talent is responsible for some of the best television in the world and at the moment many productions, which could very easily be shot in the UK, are being made abroad and many talented creatives are moving elsewhere.
"Left Bank Pictures are currently shooting two productions in South Africa - Mad Dogs and Strike Back - where tax breaks make it possible to make hugely ambitious dramas on a British TV budget and we have many other large scale projects in development that we would love to be able to make in the UK.
"The proposed changes will also welcome productions from around the world to UK shores and quite apart from the revenue that this will bring to our shores it will also help support the creative community in the UK and help train the next generation of film and TV makers."
Glenn Whitehead, Executive Vice President Business at US cable network HBO, said: "Today's news on a new tax incentive has turned the UK from one of the most expensive options into a competitive and affordable location. We would therefore love to bring more production to the UK."
The plan was also welcomed by leading animation studio Aardman - the company behind Wallace and Gromit.
Head of broadcast and development Miles Bullough, who previously said the firm could be forced to leave the UK to cut down on costs, said the tax credit would be "transformational" for the industry.
He said: "We have seen a dramatic decline on UK television of home-produced animation and we now have a shot a reversing that trend.
"The credit will create thousands of UK jobs and our research shows that there will be a long-term financial gain for the UK."
Government accused of 'stealth tax' on pensioners
Corporation tax cut to 24% in April
Unions criticise regional pay rates plan
Thousands escape child benefit axe
TV tax credit 'could end exodus' of big-budget shows
Smokers slam tobacco duty rise
Job fears over increase in beer tax increase
Plane passengers hit by air passenger duty hike
Anger over George Osborne's North Sea bid
Videogame industry celebrates tax relief in Budget
University research gets £100m boost
Ed Miliband condemns top rate tax cut
Estate agents warn that stamp duty raid could hit all homeowners
Government accused of producing a Budget 'for the rich'
George Osborne slashes 50% top tax rate
Osborne dashes fuel price hopes
Oliver Wright on the Budget: Now we have to look at what was NOT said
James Moore: Budget snap judgements
The Budget at a glance
Full text of the Budget speech
- 1 Al Pacino on suffering from depression: 'It can last and it's terrifying'
- 2 Half of young women unable to ‘locate vagina’ and 65% find it difficult to say the word
- 3 Saudis risk new Muslim division with proposal to move Mohamed’s tomb
- 4 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 5 Mexican woman becomes world’s 'oldest person' at 127
Perez Hilton apologises for publishing Jennifer Lawrence naked photo leak
Jennifer Lawrence 'nude photo hacker' claims there are hundreds more celebrity images to come
Victoria Justice on naked photo leak: 'Let me nip this in the bud right now – pun intended'
Saudis risk new Muslim division with proposal to move Mohamed’s tomb
Ariana Grande nude photos leak: Pictures are completely fake, say singer's representatives
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Ashya King: Parents of five-year-old boy refused permission to visit him in hospital and denied bail at Spanish court
With Douglas Carswell joining Ukip, my party has taken another giant step forward
When elitism grips the top of British society to this extent, there is only one answer: abolish private schools
Ashya King: 'Cruel NHS has not given us the treatment we need', says father of five-year-old with brain tumour who fled to Spain
£30000 - £32000 per annum: Ashdown Group: HR Generalist (standalone) - Tunbrid...
£23500 - £40000 per annum: Randstad Education Plymouth: Year 3 Primary Teacher...
£25000 - £30000 per annum + benefits: Ashdown Group: Junior Web Developer / J...
£35000 - £36500 per annum: Ashdown Group: Systems Administrator (SharePoint) -...