Tax credits for TV productions confirmed in budget

Natalie Woolman
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Tax breaks for TV drama production are to be introduced, Chancellor of the Exchequer George Osborne announced during his budget speech today.

The video games, animation and “high-end” TV production industries are all to benefit from the new tax credits, which will be similar to the film tax credit. Osborne said that the film tax credit generated more than £1 billion of investment in film production in the UK in the last year.

Introducing the tax breaks for the TV industry, Osborne said: “Not only will this help stop premium British TV programmes like Birdsong being made abroad, it will also attract top international investors like Disney and HBO to make more of their premium shows in the UK. It will support our brilliant video games and animation industries too.”

“Because we want to keep Wallace and Gromit exactly where they are,” he added.

In response to the budget statement, Liberal Democrat and MP for Bristol West Stephen Williams commented on Twitter: “Budget 2012 gives tax breaks to the animation industry, making my campaign to keep Wallace and Gromit creators Aardman in Bristol a success.”

Meanwhile, Liberal Democrat culture spokesman Don Foster tweeted: “Some great victories for the Creative Industries and the Lib Dems in Budget 2012.”

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