Animated film production in the UK may benefit from tax relief

As part of Legislation Day, 23 tax announcements were made in the UK. Among them are the government's plans to increase tax relief for the production of animated films from January 1, 2024, in order to promote the production of animated films.

This measure is expected to help local companies innovate and boost the national economy in general. According to the UK government, the country's creative industries 

have grown more than 1.5 times faster than the overall economy over the past decade, making them a significant sector for overall economic growth. 

The new changes could add up to £5 million a year for businesses. This measures are part of the plan to grow the creative industries by an additional 50 billion pounds by 2030. 

“We want the U.K. to be the best place to start and grow a business and while we have the lowest corporation tax rate in the G7, we are not complacent (…). 

The changes we are making are about backing business to innovate and grow the U.K. economy, creating good jobs across the country.”, commented Financial Secretary to the Treasury Victoria Atkins. 

Source: www.animationmagazine.net