Some good news for the media industry in the Autumn Statement
The Autumn Statement contains some good news for UK film production, to be introduced in next year's Finance Act (with effect from 1 April 2014):2.88 Corporation tax: film tax relief – The government
The Autumn Statement contains some good news for UK film production, to be introduced in next year's Finance Act (with effect from 1 April 2014):
2.88 Corporation tax: film tax relief – The government will make relief available at 25% on
the first £20 million of qualifying production expenditure, and 20% thereafter, for small and
large budget films from April 2014, subject to state aid clearance. The government will also
reduce the minimum UK expenditure requirement from 25% to 10%, and will modernise the
cultural test. The government will seek state aid clearance to increase the rate of relief to 25%
for all qualifying expenditure when renotifying film tax relief in 2015. (Finance Bill 2014)
2.88 Corporation tax: film tax relief – The government will make relief available at 25% on
the first £20 million of qualifying production expenditure, and 20% thereafter, for small and
large budget films from April 2014, subject to state aid clearance. The government will also
reduce the minimum UK expenditure requirement from 25% to 10%, and will modernise the
cultural test. The government will seek state aid clearance to increase the rate of relief to 25%
for all qualifying expenditure when renotifying film tax relief in 2015. (Finance Bill 2014)