A total of £1bn in tax relief has been designated over the next five years for the creative industries to support film, studios, TV and theatres
The biggest tax break was for eligible film studios, which will be given 40% relief from business rates for the next 10 years to promote investment in new studios across the UK, giving site developers savings of up to £160m until 2029.
The relief will be available from 1 April 2024 and will be measured against the studio’s gross bill, before any other reliefs are applied.
The Chancellor said: ‘We have become Europe’s largest film and TV production centre with Idris Elba, Keira Knightley and Orlando Bloom all filming their latest productions here.
‘Studio space in the UK has doubled in the last three years. At the current rate of expansion, we will be second only to Hollywood globally by the end of 2025.’
