Animated features get boost from UK government
The UK government has unveiled plans for increased tax relief for animated film productions, with the revised incentive taking effect from 1 January, 2024.
Â
Chancellor Jeremy Hunt’s action perhaps recognises that the creative industries have grown at more than 1.5 times the rate of the wider economy over the past decade, making it an important sector for his plan to grow the economy.
Â
The tax changes were announced yesterday (July 18) and are expected to be worth £5m each year to business and come alongside the Audio-Visual Expenditure Credit which was uplifted at budget from 33.33% to 39%.
Â
The announcement follows the Creative Industries Sector Vision published last month, which set a goal to grow the creative industries by an extra £50bn by 2030.
Â
Financial secretary to the Treasury, Victoria Atkins said: “We want the UK to be the best place to start and grow a business and while we have the lowest corporation tax rate in the G7, we are not complacent.
Â
“The changes we are making are about backing business to innovate and grow the UK economy, creating good jobs across the country.”
Â
This new scheme is part of 23 tax announcements published as part of the government’s ‘Legislation Day’, where draft legislation for an upcoming Finance Bill is published, as well as technical tax documents and consultations mostly from measures announced at the Spring Budget.
Â
A version of this story first appeared on our sister site, KFTV.Â
Shaun the Sheep image via Aardman Animations.Â
Share this Article