News

UK Film Tax Credit Changes

24 August 2015

Government plans to extend tax breaks for the British film industry have been approved by the EU

Under the UK Film Tax Credits Scheme, film production companies can claim tax credit relief of 25% of eligible costs of production.

Chancellor George Osborne said he hoped the move - first announced in the Budget - would help attract more blockbuster productions to the UK.

But it needed to be passed by the EU under state-aid rules that control government support for companies.  EU state-aid rules control the giving of a competitive advantage to companies through government support.

The new tax relief will now apply to films of all budgets, where previously the 25% relief was only offered to movies with a budget under £20m.  Larger productions received a 20% rate of tax relief beyond that level.  The new rate will be backdated to April 2015.

Stewart Gilmour & Co has already assisted several of its film production clients to obtain funding through the UK Film Tax Credit Scheme and is currently doing so for the remake of the classic Ealing Comedy, "Whisky Galore", likely to be the biggest budget film shot in Scotland this year.  The Treasury indicated that 222 films received such support in 2014.


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