UK Screen Alliance welcomes the announcements made in the 2024 Spring Budget 

UK Screen Alliance welcomes the announcements made in the 2024 Spring Budget

In the Spring Budget for UK, the Chancellor of the Exchequer, Jeremy Hunt, announced improvements to the film and high-end TV incentives, specifically for visual effects (VFX), which will give a significant boost to the UK’s VFX industry, and are as a result of the proposal submitted to HM Treasury by UK Screen Alliance.

The Government has proposed that for productions spending more than 5% of their budget on VFX in the UK, it will lift the 80% cap on total eligible expenditure for the VFX spend only, and that the rate of Audio Visual Expenditure Credit for the VFX spend will be lifted to 39%.

Neil Hatton, CEO of UK Screen Alliance, says:

This is a major breakthrough. Before, productions would either film in the UK or do their VFX here, but rarely both, because of the cap on tax relief. That will no longer be the case and the significant growth potential in the UK’s VFX sector will now be unlocked.

UK Screen Alliance warmly welcomes the announcements  and will next submit a response to a consultation on the Government’s proposals, which are expected to take effect in April 2025.

For the full Spring Budget document, please visit the GOV.UK website here:

https://assets.publishing.service.gov.uk/media/65e8578eb559930011ade2cb/E03057752_HMT_Spring_Budget_Mar_24_Web_Accessible__2_.pdf