21st Mar 2012
BSAC Responds to Budget Statement
21 March 2012.
BSAC welcomed the Chancellor’s announcement on tax relief for high-end TV drama, games and animation contained in the Budget Statement on 21 March.
BRITISH SCREEN ADVISORY COUNCIL (BSAC) WELCOMES CHANCELLOR’S ANNOUNCEMENT ON TAX RELIEF FOR TV, GAMES AND ANIMATION
BSAC warmly welcomes today’s Budget Statement that the Chancellor intends to introduce tax credits to boost growth in the TV, animation and games industries in the UK. The credits will be introduced subject to state aid approval and following consultation, from April 2013.
The tax relief for high end TV drama and animation should make the UK a much more attractive location for production. It should reverse the trend of UK productions being made overseas, and IP-rich animation businesses being forced to move abroad. Tax relief for video games could help to increase the sector’s contribution to the UK economy by £280 million over the next five years.
Adam Singer, Chairman, BSAC said, ‘Tax relief for the animation and games sectors and the production of high end drama will transform these industries and the ability of the UK’s audiovisual sectors to compete on a global scale. It will have a significant effect on animation and high-end drama production and games development in this country with a knock-on effect in terms of job creation and economic growth’.
Fiona Clarke-Hackston, Chief Executive, BSAC, said, ‘Today’s announcement will provide a much needed boost to these industries and demonstrates Government’s commitment to the sector. We look forward to working with Government and industry on the consultation for implementation of the tax reliefs over the coming months’.
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