Home / Business and Economy / UK Film Budget Miss: Tax Credit Hopes Dashed
UK Film Budget Miss: Tax Credit Hopes Dashed
26 Nov
Summary
- UK budget failed to address tax credit demands for film and TV.
- Industry figures called the budget a 'damp squib' for creative sectors.
- Freelancers and self-employed workers were overlooked in budget announcements.
The UK film and television industry is expressing significant disappointment following a recent budget that failed to meet expectations for tax credit improvements. Despite vocal advocacy from unions and industry leaders, the government did not introduce new measures or enhance existing ones for high-end television production or the marketing of independent films.
Key figures, including representatives from Equity and prominent producers, described the budget as a "damp squib," highlighting the missed opportunity to implement structural changes for the performing arts sector. Demands for increased high-end TV tax credits, from around 25% to 40%, and adjustments for lower-cost dramas were not addressed. Similarly, proposals for a 25% tax relief on print and advertising for indie movies were also omitted.
Furthermore, the budget has been criticized for its inaction regarding the freelance workforce, a significant component of the creative industries. While some support for lower-income individuals was noted, broadcasting union Bectu pointed out that self-employed and freelance workers were largely overlooked. The British Film Institute did acknowledge the continuation of business rates relief for film studios.
