The UK’s creative industries will benefit from tax reliefs that are among the most generous in the world, under Government plans announced today.
At Budget 2012, the Government announced that it would introduce tax reliefs, targeted at animation, high-end TV and video games as part of its ambition to make the UK the technology centre of Europe. The reliefs will help support technological innovation and ensure that creative industries continue to contribute to economic growth and British culture.
The UK is a world leader at production in these sectors and the Government is keen to provide the necessary support to maintain this status. Without Government support, there is a risk that underinvestment will lead to valuable productions moving overseas or not happening at all.