UK government confirms 25% TV tax credit, £6m pool for training; Ireland extends relief to 2020
UK government promises to match industry training funding up to £6m; Irish government extends film and TV tax credit to 2020,
UK Chancellor George Osborne today confirmed a TV tax credit of 25% for high end UK TV productions, to be implemented from April 2013. The games industry will also benefit from a tax rebate of the same amount.
The Chancellor did not discuss thresholds but the draft legislation will be published on December 11.
The DCMS also announced that it would match voluntary industry contributions to skills and training initiatives to the tune of £6m over the next two years.
The new money, available only if matched by industry contributions, will be used to provide entry-level and professional-level training for people working in the film, television, animation and video games companies.
The money will be run through the Creative Skillset’s Skills Investment Fund.
In Ireland, the government extended the current film and TV tax relief to 2020. The Irish Minister for Finance Mr. Michael Noonan also indicated that the incentive will include further enhancements from 2016 and will be restructured to take the shape of a tax credit.
Commenting on the news James Morris, chairman, Bord Scannán na hÉireann/ the Irish Film Board said: “Despite the economic difficulties Ireland has experienced over the past few years the Irish film, television and animation industry has experienced high levels of production activity, contributing over €150 million, in terms of Irish spend on jobs and services, to the Irish economy in 2011…These changes will strengthen the sector as an important contributor to the Irish economy, and will help Bord Scannán na hÉireann / the Irish Film Board to attract major film and television production activity to Ireland.”