The British government has provided a boost for the UK film and TV industry by announcing that it is raising tax credits and maintaining the qualifying threshold.
Jeremy Hunt, the British Chancellor of the Exchequer, said he would increase the film and TV expenditure break from 25% to as much as 34%.
He added that the qualifying threshold would be held at £1M. Ministers looked at raising the threshold, to the dismay of producers who said it would discourage investment.
Announcing the measure in his budget, Hunt told the House of Commons: “Our film and TV industry has become Europe’s largest with our creative industries growing at twice the rate of the economy.”
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