BRITISH FILM COMMISSION RESPONSE TO THE BUDGET
“Today’s measures will significantly boost the UK’s world-class film and TV industry in the face of growing international competition”
Responding to today’s Budget Statement from the Chancellor of the Exchequer, Adrian Wootton OBE, Chief Executive of the British Film Commission, said:
“Today’s announcements demonstrate timely and welcome action by Government, which will significantly boost the UK’s world-class film and TV industry in the face of growing international competition.
Business rates:
“Recent increases to studio business rates in England and Wales have threatened to impact the UK’s ability to compete globally. The British Film Commission has worked tirelessly to reflect industry’s concerns to Government and achieve a beneficial outcome for all. The rates relief announced today will help ensure our studios can continue to thrive, planned developments proceed, and the UK continue to attract increasing levels of domestic and global production, maintaining our reputation as one of the best places in the world to make film and TV.”
“The British Film Commission will be supporting all stakeholders as the relief is rolled out. We will also continue to liaise with the studio business rates working group, the Valuation Office Agency, Government and industry to secure the best longer term outcome through the business rates statutory framework.”
VFX tax credit increase:
“We are absolutely thrilled by today’s announcement of a 5% increase in tax credits for VFX, and removal of the 80 per cent cap. This timely and welcome boost for our world-leading VFX sector will allow it to continue to compete in the face of increasingly stiff global competition”
Independent film support measures:
“Today’s announcement of a new tax credit for independent films with budgets up to £15m is a game-changer for our whole sector. Limited-budget films are an essential part of a balanced UK production ecosystem. They provide the space to air fresh British voices as well as the seed-bed for a workforce able to move on to major domestic and inward investment productions. We fully endorse today’s measures to support our much-loved and much-needed independent sector.”
For further press information please contact:
Lauren Preteceille, Head of Communications and Public affairs, British Film Commission
E: lauren.preteceille@britishfilmcommission.org.uk
Notes to Editors
Business rates revaluations for studios in England and Wales:
- In early 2023, the British Film Commission (BFC) contracted a business rates specialist and established a working group of business rates specialists representing studios in England and Wales. This was in response to the Valuation Office Agency (VOA)’s publication of business rates revaluations for studios in England and Wales, which saw significant increases from April 2023.
- This working group has been engaged in negotiations over the last year with the VOA, supported by the BFC, including as part of the ‘Group Pre-Challenge Review’ (GPCR) process to challenge the current valuation of film studios in England and Wales. This has been followed by a period during which the VOA has been applying revised rateable values based on the outcomes of the negotiations.
- While we recognise that some progress has been made through the GPCR process, as well as through the rates relief announced today, the working group will continue its efforts – within the business rates statutory framework – to secure the best possible outcome for all studios in England and Wales in the longer term. The BFC will continue to liaise with the working group, Government and industry to support these efforts.
VFX tax credit uplifts:
- The Government has proposed that for productions spending more than 5% of their budget on VFX in the UK, it will lift the 80% cap on total eligible expenditure for the VFX spend only.
- The Chancellor also announced the rate of Audio Visual Expenditure Credit for the VFX spend will be lifted to 39%, gross.
About the British Film Commission:
The British Film Commission (BFC) is the UK Government’s national organisation responsible for international film and television production in the UK. Funded by the Department for Culture, Media and Sport, the Department for Business and Trade and the BFI, the BFC leads on:
- Maximising and supporting the production of major international feature film and high-end television in the UK;
- Strengthening and promoting the UK’s film and television infrastructure;
- Liaising between the Government and the film and television industry on policy issues that impact on production.
With offices in the UK and the US, the BFC provides free tailored production support at the highest level, from the earliest stages of development through to post-production, including guidance on the UK’s lucrative film and television tax reliefs and assistance with sourcing key crew, talent, facilities and locations.
The BFC has industry sponsors who form the membership of the agency’s innovative public/private partnership: Angels Costumes, Bray Studios, The Walt Disney Studios, Harbottle & Lewis, HBO, Movie Makers, Netflix, Pinewood Studios, Saffery Champness, Warner Bros., 3 Mills Studios, BBC Studios, DNEG, Elstree Studios, First Stage Studios, Framestore, MPC, The Bottle Yard Studios and Working Title.
www.britishfilmcommission.org.uk
Twitter: @FilmInUK_BFC
LinkedIn: British Film Commission
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