The UK’s Finance Minister, Jeremy Hunt, announced a big plan to support movie and TV studios with a tax cut of 40% until 2034 during the government’s budget announcement. This special deal also covers smaller independent movies made in the UK that cost less than about $19 million to make. Additionally, there’s a bonus for companies that create special effects for movies and TV shows, with a 5% extra tax credit and no more limit used to stop them from claiming more than 80% of their costs.
Hunt mentioned that the UK is now the top place in Europe for making movies and TV shows, with famous actors like Idris Elba, Keira Knightley, and Orlando Bloom working on their latest projects here. The amount of studio space in the UK has grown a lot, doubling in just three years, and it looks like the UK will soon be second only to Hollywood in terms of production size.
He also said the decision was influenced by what big studios like Pinewood, Warner Bros., and Sky Studios suggested. Following the announcement, Dana Strong from Sky Group shared that the new “Jurassic World” film would be shot at a place called Elstree North, thanks to these new tax benefits.
Strong expressed happiness over the decision, saying it’s great news for the UK’s movie and TV industry, as it will help keep the sector strong, create new jobs, and encourage future investments like their Sky Studios Elstree North project and the “Jurassic 4” movie.
'JURASSIC WORLD 4' reportedly begins filming in July.
(Via: Production List) #JurassicPark pic.twitter.com/T58bWGsreT
— CriticalOverlord (@CriticalOverlo3) February 27, 2024
Jay Hunt from the British Film Institute also praised the tax credits, saying they’re a major boost for UK filmmakers. This move by the government is expected to create many jobs and help tell British stories, supporting the growth of the film and TV industry which is a big contributor to the UK’s economy. Source
