Arab Today, arab today government extends tax breaks for uk films
Last Updated : GMT 08:47:17
Arab Today, arab today
Arab Today, arab today

Government extends tax breaks for UK films

Arab Today, arab today

Arab Today, arab today Government extends tax breaks for UK films

London - Arabstoday

Films made in the UK will continue to receive tax breaks, worth around £95m a year, the government has announced.Eligible films must be released in the UK, with 25% of their production costs spent in the country.Industry estimates say the system makes the UK up to 40% cheaper for film-makers than the US, and accounts for £1.4bn of GDP.Prime Minister David Cameron said the scheme would be extended \"to the end of 2015\".Recent films to benefit from tax relief range from dramas like Brighton Rock to sci-fi thriller Attack The Bloc, and blockbusters such as the Harry Potter series.Productions with a budget of £20 million or less can apply for a 25% rebate on any expenditure deemed eligible for tax relief.This normally includes pre-production, principal photography and post production - but not development or distribution of the film.Movies with a budget of more than £20 million can claim a rebate of 20%.A report commissioned by the UK Film Council in 2009 warned that Britain\'s film industry could collapse if the benefits were removed.It added that the film industry was worth more than £4.5 billion a year to the nation\'s gross domestic product and £1.2 billion to the exchequer.Films are also important in terms of jobs, directly employing around 36,000 people, with the same number supported indirectly.\"The huge success of British films at the Oscars, the Golden Globes and the Baftas this year is clear recognition of our world class talent and creativity,\" said culture minister Ed Vaizey in a statement.\"But as a vital creative industry, it also has huge potential for economic growth. Film tax relief is at the heart of our drive to support the production of culturally British Films within a sustainable and vibrant industry.\"I\'m delighted that we can give certainty to the industry for the next four years.\"The film industry welcomed the government\'s announcement.Lord Grade of Yarmouth, chairman of Pinewood and Shepperton studios said: \"This decision will deliver certainty for the UK\'s talented film-makers and will provide the platform for growth, investment and jobs in a growing segment of the economy.\"

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