Record £2.2bn paid out in film and TV tax breaks

2023 saw the most amount paid out in creatives tax relief ever with an increase of £600m from the previous year

The substantial rise was mainly due to an increase in relief granted in the high-end television sector (HETV), with the theatre industry also seeing a significant increase with 1,175 companies applying.

High-end TV accounted for 50% (£1.1bn) of all of the creative reliefs granted in 2022/23, while film tax relief accounted for just a quarter (£553m).

Tina McFarling, head of strategic communications at the British Film Institute said: ‘Coming out of the pandemic we have seen accelerated growth in production in the UK, particularly in film and high-end TV production; video games development was less hampered by the restrictions.

‘To put this in an economic context, the record spend on film and high-end TV in 2019 of £3.6bn was overtaken by £5.64bn in 2021 (starting to come out of the pandemic, production taking place, government’s Production Restart Scheme supporting production), then that was overtaken by £6.27bn in 2022.

‘Las

Your free features:

  • Breaking news and expert analysis
  • Customisable daily newsletters
  • Six free CPD learning modules each year
  • Personalised CPD tracker
  • Top 75 Firms league tables
  • Regulatory changes
  • Hardman’s Tax Data

Sign up to Business & Accountancy Daily

Related Articles
Subscribe