The European Commission has published a new Cinema Communication that safeguards the UK’s film tax relief and Lottery funding for film.
The UK film sector is vital in contributing to the promotion, development and enhancement of culture in the UK, Europe and internationally. The sector supports approximately 117,000 jobs and contributes over £4.6 billion to UK GDP and more than £1.3 billion to the Exchequer and the continuation of the successful UK film tax relief framework is a huge reassurance to the UK film industry and will support the growth of the sector.
The Communication further cements our reputation as one of the most desirable locations in the world for major international production. It follows rigorous consultation with industry representatives throughout Europe and a comprehensive review of state aid.
Chancellor of the Exchequer, George Osborne, said:
The UK film industry makes a valuable cultural contribution and is an important part of our diverse and dynamic economy. Through the film tax relief we have been able to support this highly skilled, innovative and creative sector and the European Commission’s Cinema Communication will mean we can continue to provide that support.
Ed Vaizey, Minister for Culture, Communications and Creative Industries said:
It is fantastic that we now have a new Cinema Communication in place, confirming the on going viability of our extremely successful film tax regime that attracts moviemakers from all over the world.
Amanda Nevill, CEO, BFI said:
The BFI is delighted that the Commission has listened to our representations, made in partnership with other European countries, on behalf of the industry. This successful outcome is a great example of what can be achieved when the main agencies for film in the UK and across Europe come together and pool expertise.