The U.K. entertainment industry is eagerly awaiting the arrival of April. George Osborne, Britain’s chancellor of the exchequer (equivalent of a treasury secretary) recently pointed out that the introduction of the tax relief would play a big part in keeping the U.K.’s vfx sector competitive with the rest of the world.
According to the budget documents, approval for the animation and high-end TV tax relief was expected shortly and they would start on April 1 as previously signaled by the government. A video game tax relief is also in the works after state aids approval. The entertainment tax benefits will provide a 25 percent tax break on qualifying U.K. expenditures.
The 2013 budget documents illustrate that for the fiscal year starting in April, the government is forecasting a $23 million (£15 million) allocation rising to $83 million (£55 million) by 2017/18.
Adrian Wootton, chief executive of the British Film Commission and Film London said, “The new measures will ensure that we can continue to compete globally on a level playing field; and continue to attract the biggest and most technically challenging film and television projects to the U.K.”