×
You will be redirected back to your article in seconds

U.K. extends film tax credit

Rebates to continue to end of 2015

Blighty’s government is extending the country’s 25% film tax credit until the end of 2015.

The news came as a welcome announcement from Prime Minister David Cameron, signalling that Hollywood and international projects would continue to reap the benefits of the crucial support that has attracted studio pics such as the “Harry Potter” and James Bond franchises to the country.

Cameron said the tax relief would “guarantee millions of pounds of support for the British film industry.

“The last year has seen massive success, both at home and abroad, for a whole host of U.K. films. I look forward to seeing the U.K. film industry continue to thrive over the coming years, supported by the government’s film tax relief.”

Blighty’s film tax relief scheme promotes production of culturally British films and in 2009/10 provided around £95 million ($151 million) of support to 208 films that generated $1.8 billion of inward investment into the country.

Productions with a budget of £20 million ($32 million) or less can apply for a 25% tax rebate while pics with a budget higher than that can claim a 20% rebate.

Recent productions certified as British under the cultural test include “Brighton Rock,” “Attack the Block,” “Streetdance 3D,” “Gnomeo & Juliet,” “Clash of the Titans” and the “Harry Potter” franchise.

“The huge success of British films at the Oscars, the Golden Globes and the BAFTAs this year is clear recognition of our world-class talent and creativity,” said film minister Ed Vaizey. “But as a vital creative industry, it also has huge potential for economic growth.”

In a statement, Josh Berger, president and managing director, Warner Bros. U.K., said: “For almost 90 years, Warner Bros. has been investing in U.K. film production and the U.K. film industry’s outstanding creative talent. In the last year alone, we’ve produced six major feature films here, released the final film in the U.K.-produced ‘Harry Potter’ movie series, and committed £100 million to create our permanent production home, Warner Bros. Studios Leavesden, which will open in summer 2012. We welcome the government’s expression of support for the U.K. film industry through its renewal of the film tax credit.”

Pinewood Shepperton chairman Michael Grade remarked that the extension and security of the tax credit “will deliver certainty for the U.K.’s talented filmmakers, and will provide the platform for growth, investment and jobs in a growing segment of the economy.”

Matthew Justice, topper at Brit shingle Big Talk Prods. and a BFI governor, told Variety that the government had demonstrated “a fantastic show of faith in the British film industry” by extending the tax relief.

“Let’s hope that we can all deliver on the ambition to continue to grow the British film industry in the coming years and build on what has been a vintage year for British film,” he said.

Cameron also said that he was delighted that the BFI is setting up a $319,000 Lottery-backed film export fund to promote Brit pics internationally and help sales.

Popular on Variety

More Film

  • Beyonce Knowles'The Lion King' film premiere,

    ABC Announces Behind-the-Scenes Special for Beyoncé's 'Lion King' LP

    ABC has announced a new behind-the-scenes look into the making of Beyoncé’s “The Lion King: The Gift” LP, which is set to air September 16 on ABC at 10 p.m. EST. Titled “Beyoncé Presents: Making the Gift,” the new hour-long special will allow viewers to “experience the process” behind the “Lion King” companion album, according [...]

  • Jason Lei Howden, Samara Weaving and

    Daniel Radcliffe On Acting With Weapons Nailed To Your Hands

    How did “Guns Akimbo” director and writer Jason Lei Howden convince Daniel Radcliffe to play a character with guns nailed to his hands? Easy, he sent him the script. Radcliffe joined Howden and “Ready or Not’s” breakout star Samara Weaving in the Variety’s Toronto Film Festival studio, presented by AT&T to talk the limits of [...]

  • Box Office: It Chapter Two Maintains

    Box Office: 'It: Chapter Two' Continues International Reign With $47 Million

    Pennywise’s reign of terror hasn’t wavered: Warner Bros.’ “It Chapter Two” maintained first place on box office charts, led by another strong showing overseas. The sequel, based on Stephen King’s horror novel, generated another $47 million at the international box office for a foreign tally of $169 million. After two weeks of release, “It Chapter [...]

  • First still from the set of

    Taika Waititi’s 'Jojo Rabbit' Wins Top Prize at Toronto Film Festival Awards

    Taika Waititi’s “Jojo Rabbit” has won the coveted People’s Choice Award at this year’s Toronto International Film Festival. The honor positions the film for a potential Oscar run and bolsters its awards chances. That’s good news for Fox Searchlight, which must have been disappointed by the lackluster critical reception for the movie, a dark comedy [...]

  • Constance Wu and Jennifer Lopez star

    Box Office: 'Hustlers' Racks Up Solid $33 Million Debut, 'Goldfinch' Bombs

    “Hustlers” rolled in the Benjamins this weekend, collecting $33.2 million when it debuted in 3,250 North American theaters. Boosted by rave reviews and stellar word of mouth, “Hustlers” beat expectations and now ranks as the best start for an STX film, along with the biggest live-action opening weekend for stars Jennifer Lopez and Constance Wu. [...]

  • German Cinema Is Diverse, But Is

    German Cinema Is Varied, But Is It Too Risk Averse?

    One of the strengths of German cinema is its diversity, says Simone Baumann, managing director of the national film promotion agency German Films. As well as the three films at Toronto directed by female German helmers, there was also German filmmaker Thomas Heise’s documentary film essay “Heimat Is a Space in Time.” Then there were [...]

More From Our Brands

Access exclusive content