PARLIAMENTARY WRITTEN QUESTION
Film: Tax Allowances (11 September 2024)
Question Asked
To ask the Chancellor of the Exchequer, whether her Department plans to provide (a) tax relief and (b) other fiscal support for the visual effects sector.
Asked by:
Tom Hayes (Labour)
Asked by:
Tom Hayes (Labour)
Answer
Qualifying visual effects costs in film and TV are already eligible for the Audio-Visual Expenditure Credit, which provides a tax credit worth 34% of a film or TV company’s production costs.
The previous Government announced that from 1 April 2025, UK visual effects costs in film and high-end TV will receive a 5% increase in Audio-Visual Expenditure Credit (AVEC). The previous Government also announced that the AVEC’s 80% cap on costs that may receive tax relief will be removed for UK visual effects costs.
The policy has not been legislated. The Government will provide an update as soon as it is able to do so.
Answered by:
James Murray (Labour)
7 October 2024
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