A new UK report highlighting the seismic impact of tax reliefs on the creative industries has been welcomed by the UK Government
, which has said it will remain “committed to supporting the creative industries through tax reliefs.”
The film and high-end TV tax credits are among the UK’s biggest calling cards when it comes to attracting mega inward investment from Hollywood studios, which generate the lion’s share of production spend in the territory.
According to the report by consultancy and research firms Olsberg Spi and Nordicity
, titled ‘Screen Business: How tax incentives help power economic growth across the UK’, an estimated £632M in tax relief seeded £3.16B in direct production spend in 2016, a 17% increase on 2015.
In 2016, UK-made productions generated £7.9B as the screen sector’s overall economic contribution (Gva), including £2B in tax revenues. Production spend which would not have taken place without the tax reliefs was worth