I was delighted to see that Screen International reported three days ago on the growth in the British film sector. The measure they used was the increase in tax relief awarded to our industry by HMRC. What the figures show is the UK film industry received £415m in tax relief last year, up from £339 in 2015. A total of 175 films claimed film tax credits and overall HMRC awarded £751m in tax relief to the creative sector. Both film and TV programmes have to pass the cultural test administered by the BFI, or qualify as a co-production to benefit from tax relief. For films, at least 10% of total costs must relate to activities in the UK.
Creative Industries Minister Matt Hancock said: “Britain’s creative industries are growing faster than the rest of the economy and we want to keep it that way.”
Amanda Nevill, CEO of BFI, said: “Worth £4.3 billion to the economy, UK film is the country’s fastest growing sector, employing over 66,000 people.”
There couldn’t be any more effective indication of how strong our industry is currently, and I welcome Screen International’s report.