Creating magic: consultation on providing support to the visual effects industry
Following the introduction of the targeted tax reliefs designed to incentivise the production and development, in the UK, of high-end television and broadcast animation and (subject to state aid approval) video games, the government has now launched a consultation on how it can provide support to the visual effects industry in a move that emphasises the importance of the digital and creative industries to the future of the UK economy.
The consultation document contains a comprehensive series of questions which, it is hoped, will give the government a greater understanding of the current state of the industry. The consultation indicates that, at least initially, any additional support for the industry will be given through the existing (and successful) film tax relief to encourage production companies qualifying for film tax relief to incur expenditure on visual effects in the UK.
The government has emphasised that it has not yet decided how support will be given and it would seem that all reasonable options remain on the table (including whether support should be extended through high-end television and broadcast animation production and video games development reliefs).
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