The UK government has confirmed local authorities can begin to roll out business rates relief schemes for filmmakers from today.
Announced in October as part of the government’s Plan for Change, the Film Studios Business Rates Relief scheme enables eligible studios in England to claim a 40 per cent reduction in business rates bills until 2034.
The scheme follows a wider package of announcements aiming to further growth across the creative sector, which employs 2.4 million people and contributes £124.6 billion to the wider UK economy.
Additionally, film and high-end TV companies can claim a credit of 39 per cent on UK VFX costs from 1st April and an enhanced 53 per cent tax rate will be available to eligible films with budgets less than £15 million under the Independent Film Tax Credit.
Culture Secretary Lisa Nandy MP, commented, “The UK’s film industry is truly world class, producing global box office hits like Wicked and indie classics like Aftersun. The sector has huge potential for further economic growth and the government is ambitious for its future. Our new tax incentive, as well as other new measures like indie film tax reliefs and £25 million funding for a new film studio in Sunderland, will help ensure we can continue to create British content, international blockbusters and high quality jobs.”
Sara Putt, Chair, BAFTA added, “The UK is a world-leading centre for film and TV production – our studios provide world-class facilities and the craft and production skills here are second to none, as showcased by the British-made films nominated in this year’s EE BAFTA Film Awards. For those freelancers and crews to continue doing what they do best, it is vital that the UK remains competitive as a prospect for inward investment and continues to support a healthy talent pipeline to grow our domestic film and TV industry, so more UK talent and stories are celebrated at home and around the world.”
