UK tax breaks for filmmakers as the search for the next Barbie intensifies
British TV and film producers today received new tax breaks as the government promises to back the 'makers of the next Barbie'.
The film industry has boomed as companies flock to Britain to film blockbusters including Barbie, Wonka and Indiana Jones and the Dial of Destiny.
This is thanks to generous tax breaks for foreign and domestic filmmakers. And under the coming changes, producers will have even more support to keep the cameras rolling.
This includes an extra £5,000 in tax credits for luxury films, TV and video games, as well as an extra £42,500 for children's TV and animated films.
Booming: companies are flocking to film blockbusters in Britain
“We are supporting the makers of the next Barbie with this more generous tax credit scheme for British manufacturing talent,” said Nigel Huddleston, Financial Secretary at the Treasury.
'Britain leads the world in creativity, and we want it to stay that way.'
But the latest concession comes as film and TV companies fight to agree on a tax on new studios that many fear could destroy the booming industry.
According to the Mail on Sunday, new studios – defined as those that were not operational last spring – are facing astronomical increases in business rates.
And film and TV companies are trying to reach an agreement with the Valuation Office Agency (VOA) over these taxes – warning that new sites could collapse.