UK Introduces New Tax Aid for Film, Television, and Video Game Producers in 2024

The United Kingdom introduces new tax aid for national producers of film, television content and video games at the beginning of 2024, as announced by the British Ministry of the Economy.

Starting January 1, these types of productions will receive greater tax credits, as well as “greater flexibility in production decisions and more transparency about the amount they can receive from credit companies.”

With the new rule, children’s content and television animation, as well as films with more than one million pounds (approximately 1.15 million euros) in expenses, will receive an additional 42,500 pounds (about 48,800 euros) in tax benefits.

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For their part, the rest of television, film or video game productions will obtain additional tax benefits of 5,000 pounds (about 5,700 euros).

Although the new measure comes into force this January 1, in order to facilitate the adaptation to productions whose development extends until April 1, 2025, they will be able to benefit from the previous tax system until April 1, 2027.

According to the Secretary of Finance, Nigel Huddleston, the Executive hopes that this aid will support the “creators of the future ‘Barbie’, ‘Happy Valley’ or ‘Grand Theft Auto’”.

“The UK is a world leader in creativity and we want to ensure this continues to be the case in the future by making it easier for British films, TV content and video games to succeed,” he said.

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2024-01-01 21:07:15
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