Big-Budget TV Shows Given Large Tax Breaks

The makers of big budget TV shows and animations are being urged to film in the UK and take advantage of 25% tax breaks.

Chancellor George Osborne is pushing for more business from the creative industries in the hope they will help boost the sluggish economy.

Tax incentives for TV shows and animations were launched at the start of this month and a break for video games is also in the pipeline.

Mr Osborne has been personally meeting bosses from companies including Disney and HBO, which films part of Game Of Thrones in Northern Ireland.

On Monday, he spoke at a conference at Bafta's offices in London - organised by the British Film Commission to mark the start of the changes.

He said: "The UK now has one of the most competitive tax regimes for the creative industries.

George Osborne with Warner Bros officials earlier this month

"This is the place to do your new hit TV show, this is the place to do your excellent animation."

TV projects have to have a budget of at least £1m an hour to qualify for the tax break, be deemed British and to spend a minimum of their budget in the UK.

The tax relief is worth 25% of qualifying UK spending and is capped at 80% of the project's total budget.

For animations, productions must include at least 51% animated content and the break does not apply to animations for news, advertising, current affairs or competitions.

The same rules about Britishness and the need for the company involved to fall into the UK's corporation tax net also apply.

The changes come days after the opening of Warner Bros' new £100m studios in Leavesden, Hertfordshire, which is the first in the UK owned by a major Hollywood studio brand.

A report from the London School of Economics found that Warner Bros alone contributes more than £1bn a year to the British economy.

The Treasury says the creative industries are worth £37bn a year and generate £70,000 per minute for the UK economy, employing 1.5m people.

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