UK to get world-class creative tax breaks

The UK’s creative industries are set to benefit from tax reliefs that are among the most generous in the world, according to the government.

It has published a consultation on measures announced in the 2012 Budget, introducing tax reliefs targeted at animation, high-end TV and video games production.

The reliefs are designed to support technological innovation and ensure that creative industries continue to contribute to economic growth and British culture.

These measures will build on the success of the existing Film Tax Relief, which has led to £1 billion in extra investment in British cinema, supporting thousands of jobs and supporting skills invaluable to the broader economy.

The consultation, published on 18 June and continuing until 10 September, is inviting views from individuals, companies, and representative and professional bodies on the proposed design options. The government is particularly keen to hear from production companies and those working directly in the production of video games, animation and high-end television.

Draft legislation on the tax reliefs is due to be published in the autumn.

Link: Consultation information