Deloitte comments on the approval by The European Commission for the UK’s television tax relief
28 March 2013
“The relief, which was first announced in Budget 2012, will offer a payable tax credit worth up to 25 per cent of qualifying expenditure on “culturally British” animation and high end TV drama and documentaries.
“This is great news for the UK TV industry and will build on the success of the existing film tax relief, which has supported over £5 billion of investment into British films and seen a 70 per cent increase in the film production workforce since its introduction in 2007. The announcement in last week’s Budget that the government will launch a public consultation to consider options to use the tax system to provide further support for the visual effects industry is good news for the wider creative industries.
“EU State Aid approval has not yet been received for the video games tax relief, which was also expected to apply from 1 April 2013, meaning that the start date for this relief will be delayed. While it was always acknowledged that obtaining state aid approval for the video games relief might take longer, the video games industry will be disappointed to see a delay in the introduction of the relief. The video games industry bodies have announced their intention to work closely with the Government and the European Commission to obtain approval for the relief as soon as possible.”
Notes to editors
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
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The information contained in this press release is correct at the time of going to press.
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