Creative Industry Tax Relief hits £1bn

Over £1.1bn worth of tax reliefs were given out to the creative industries over the past year, according to statistics from HMRC.

The film industry accounted for over half of reliefs given, £595 million was paid in response to 790 claims, representing 705 films.

There were 90 British “high-end” television programmes completed in 2018-19 which claimed high-end Television tax relief of £246m. These figures are likely to increase as more claims are received by HMRC.

Video games accounted for £103m from 345 claims were made, which represented 535 games.

Only 5% of the claims received were over £5m in 2018-19, but they accounted for 66% of the total amount paid.

The creative industry tax relief was introduced in 2007, to “promote the sustainable production of culturally British productions”, and has paid out £3.3bn to 5,295 claims.

Jesse Norman, financial secretary to the Treasury, said: “The arts and creative industries make a vital contribution to the UK economy. These tax reliefs have helped support some astonishing and exciting work again this year, celebrating the very best of British culture.”

Amanda Nevill, CEO at the BFI, added: “The BFI’s Screen Business report ‘How screen tax reliefs power economic growth across the UK’ demonstrated how they are helping to drive one of our fastest-growing sectors, creating jobs across the UK, investment in innovation and delivering a strong return on investment to the UK economy with close to £8 billion spent annually on production.

“UK-made films, television programmes and video games are international award-winners and are enjoyed by audiences at home and abroad.”

Show More
Back to top button