HM Treasury has issued a public call for evidence on recent trends, challenges and opportunities in the UK’s visual effects industry
The government wants to hear from all interested parties, especially:
- businesses in the film and high-end TV sectors
- visual effects studios
- business groups and trade associations
- accountants and accountancy bodies
The call for evidence will inform the development of targeted proposals for how the government will deliver the new Audio-Visual Expenditure Credit announced in Autumn Statement 2023.
Find out more about the call for evidence on the visual effects industry.
Send responses by email to VFXcfe@hmtreasury.gov.uk before 3 January 2023.
The government will be consulting relevant stakeholders and interested parties through meetings during December. If you would like to be included in a consultative meeting, you can contact the Treasury at the above email address by 29 November 2023.
Reform of audio-visual creative tax reliefs
The film, TV and video games tax reliefs will be reformed to expenditure credits, following the same approach as the Research and Development Expenditure Credit.
The new Audio-Visual Expenditure Credit will replace the current film, high-end TV, animation and children’s TV tax reliefs. The Video Games Expenditure Credit will replace the Video Games Tax Relief.
Film, high-end TV and video games will be eligible for a credit rate of 34% and animation and children’s TV will be eligible for a rate of 39%.
The expenditure credits will be available to claim from 1 January 2024. New productions must claim under the new expenditure credits from 1 April 2025 and all productions must claim under the expenditure credits from 1 April 2027 when the current tax reliefs will end.
Read more about the reform of audio-visual creative tax reliefs
Source: nibusinessinfo.co.uk
