UK set to attract more blockbusters
European State Aid has approved the UK's film tax relief improvements that were announced earlier in the year.
Due to the reengineering of the scheme, films of all budgets will now be eligible for a 25% rebate on UK qualifying expenditure. Before the greenlight was given on the enhancement, only the first £20m on higher budget films qualified for the 25% rebate, with the remaining expenditure applying for a rate of 20%.
The change the film tax relief scheme will affect all projects that started production on or after 1 April 2015.
Chief executive of the British Film Commission and Film London, Adrian Wootton, said on the changes: “This is great news for the film industry and for the wider UK economy. When you couple this with the UK’s world-class talent, cutting-edge infrastructure and stunning locations you have a truly unbeatable offer, and one that creates thousands of UK jobs and generates billions for the country’s economy.
“This most recent enhancement to the Film Tax Relief is real testament to the British Government's continued support for our screen industries – a commitment which the BFC and its partners share.”
Blockbuster feature films set to film in the UK including Star Wars Episode VIII, Doctor Strange and Bourne 5 all now qualify for the new incentive.