{"id":16088,"date":"2021-12-13T23:36:42","date_gmt":"2021-12-13T23:36:42","guid":{"rendered":"https:\/\/blue-subtitle.com\/blog\/?p=16088"},"modified":"2021-12-13T23:36:42","modified_gmt":"2021-12-13T23:36:42","slug":"film-tv-tax-breaks-resulted-in-18-billion-boost-for-u-k-economy-according-to-new-bfi-report","status":"publish","type":"post","link":"https:\/\/blue-subtitle.com\/blog\/film-tv-tax-breaks-resulted-in-18-billion-boost-for-u-k-economy-according-to-new-bfi-report\/","title":{"rendered":"Film, TV Tax Breaks Resulted in $18 Billion Boost for U.K. Economy According to New BFI Report"},"content":{"rendered":"

A new report from the British Film Institute (BFI) reveals that film and high end TV tax breaks have resulted in the highest ever return on investment in the U.K.<\/p>\n

The report, which covers the pre-pandemic period from 2017-2019, calculated that tax reliefs across film, high-end television, video games, children\u2019s TV and animation contributed \u00a313.48 billion (almost $18 billion) to the U.K. economy in 2019 thanks to record levels of production.<\/p>\n

This amounts to a 56% increase in return on investment since 2016.<\/p>\n

According to the report, titled \u201cScreen Business,\u201d every \u00a31 of U.K. film tax relief generates \u00a38.30 for the U.K. economy via direct spend on screen production (which has increased by 74% to \u00a313.86 billion between 2017-19), local business and infrastructure growth, job opportunities, inward investment e.g. in studio space, exports of U.K. services and productions, travel, retail and tourism (Bath, for example, now offers a number of \u201cBridgerton\u201d tours).<\/p>\n

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In 2019, the report found, \u00a31.02 billion in tax relief resulted in direct production spend of \u00a35.11 billion. This in turn resulted in an additional \u00a36.43 billion return on investment to the U.K. economy.<\/p>\n

It also yielded \u00a33.60 billion in tax revenues, which went back into the Exchequer\u2019s coffers.<\/p>\n

The report comes amid a\u00a0tangible production boom across the entire country, largely instigated by the streaming wars, with Netflix, Amazon, Disney Plus and Apple TV Plus all pitching up in the U.K. to create content alongside movie studios and Britain\u2019s traditional broadcasters and indie production companies.<\/p>\n

Amazon, for example, is\u00a0moving season 2 of its upcoming \u201cLord of the Rings\u201d series\u00a0from New Zealand to Bray Film Studios in Maidenhead and Bovingdon Airfield in Hertfordshire next year.<\/p>\n

Between January and September 2021 alone \u201cScreen Business\u201d cites a \u00a34.7bn production spend on film and high-end television, despite the fact that for the first three months of the year the country was in its third national pandemic-induced lockdown.<\/p>\n

While the production boom is great news for the U.K. economy \u2013 the report found jobs have increased by 45% and almost \u00a31 billion will be invested in production facilities since 2016 \u2013 it has had a knock-on effect on smaller production companies and indie film producers, who are struggling to source crew, space and even equipment. In turn, scarcity has unsurprisingly led to price inflation.<\/p>\n

\u201cThe U.K. is home to some of the best creative talent in the world, and our TV and film industry is a jewel in our crown, driving hundreds of thousands of jobs and billions for the economy,\u201d Chancellor of the Exchequer Rishi Sunak said in a statement. \u201cWe\u2019ve ensured the sector has had our support throughout the pandemic, with the furlough and self-employment schemes, and the \u00a3500 million Film and TV production Restart Scheme is now helping productions get back up and running.\u201d<\/p>\n

\u201cWe continue to support the creative sector \u2013 our tax reliefs make the U.K. an attractive place to film and are driving a wave of private investment, and our Plan for Jobs is helping more people to enter the industry through apprenticeships, traineeships and the Kickstart scheme.\u201d<\/p>\n

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Ben Roberts, BFI Chief Executive added: \u201cWe work with industry and government to build the U.K. screen sector, and \u2018Screen Business\u2019 is evidence of the strength of the tax reliefs and how they have supported a staggering level of production and jobs, and built business across the U.K.\u2019s nations and regions.\u201d<\/p>\n

\u201cIt\u2019s a testament to this strength that our screen industries have bounced back faster than almost any other industry post pandemic. As we look to the future we need to ensure that we stay on top of our game \u2013 by building the skilled workforce this level of production critically needs and increasing investment in areas across the U.K. where there are opportunities for growth and innovation.\u201d<\/p>\n

The BFI\u2019s \u201cScreen Business\u201d report, which is supported by industry partners including British Film Commission (BFC), Pact, Pinewood Group, TIGA, Ukie, the UK Screen Alliance and Animation U.K., was produced by Olsberg SPI with Nordicity.<\/p>\n

Source:variety<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

A new report from the British Film Institute (BFI) reveals that film and high end TV tax breaks have resulted in the highest ever return on investment in the U.K. The report, which covers the pre-pandemic period from 2017-2019, calculated that tax reliefs across film, high-end television, video games, children\u2019s TV and animation contributed \u00a313.48 […]<\/p>\n","protected":false},"author":1,"featured_media":16090,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7036],"tags":[18629,18627,18628],"class_list":["post-16088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-18-billion-boost-for-u-k-economy","tag-film","tag-tv-tax-breaks-resulted-in-18-billion-boost"],"yoast_head":"\nFilm, TV Tax Breaks Resulted in $18 Billion Boost for U.K. Economy According to New BFI Report - blue subtitle<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blue-subtitle.com\/blog\/film-tv-tax-breaks-resulted-in-18-billion-boost-for-u-k-economy-according-to-new-bfi-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Film, TV Tax Breaks Resulted in $18 Billion Boost for U.K. Economy According to New BFI Report - 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