UK Government Launches Consultation Period On Potential Reform And Merger Of Film & TV Tax Reliefs
deadline.comThe UK government has launched a consultation period asking industry leaders for comments on plans to reform and merge film, animation, high-end TV, and children’s TV tax relief measures into a single tax credit.
The consultation period is set to run until February 9, 2023, with the reforms to be implemented in spring 2024. The government said the proposals aim to “simplify and modernise” the reliefs system and ensure they “boost growth in the audio-visual sectors whilst remaining fiscally sustainable.” However, the government said there will be no changes to the existing criteria that companies must meet to access tax relief.
Right now, all British qualifying films of any budget can claim a payable cash rebate of up to 25% on UK qualifying expenditure.
The tax relief is capped at 80% of the core expenditure. There is no limit on the budget of the film or the amount of relief payable within the 80% cap.
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