Tax reliefs for the UK film, TV and animation industries are generating billions of pounds for the UK economy, according to a new report produced by analysts Olsberg SPI and Nordicity.
According to the study, the film sector contributed additional revenues to the UK exchequer of £1.1bn in 2013.
In the same year high-end TV generated an additional £249m while £429m came from video games and £52m from animation programmes.
The report illustrates the benefits of the film tax relief, which it claims costs HM Treasury approximately £164m a year and supports an annual average production spend on film in the UK of £1.136 billion.
It also finds that each £1 of film tax relief generates £12.49 in GVA for the economy and that without the film relief, the estimated spend on film production in the UK would be £550m lower annually.
The study also highlights the employment benefits of film, which it claims contributes 39,800 direct jobs contributing £1.4bn to UK GDP in 2013 (and with a growing percentage of employees being directly employed rather than working self-employed).
The report pays close attention to the benefits of the fledgling TV credit, finding that spend on high-end TV in the UK was 87% higher in the first year of the tax relief than the preceding year.
The report, titled The Economic Contribution of the UK’s Film, High-end TV, Video Games and Animation Programme Sectors, was commissioned by the BFI, Pinewood Group plc, the British Film Commission, UK Interactive Entertainment (Ukie) and Pact.