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U.K. Budget Analysis: Tax Credit Increase for VFX Spend and Studio Investment But Grassroots Music Venues Lose Out
While the U.K. film and TV industry welcomed the tax incentive increase for VFX spend grassroots music revenues have taken a hit in the new budget.
U.K. Screen, which represents the country’s VFX, post and animation industries, have suggested the change could result in a spend increase of 45% — an extra £175 million per year – and create over 2,800 new jobs. Chancellor of the Exchequer Rachel Reeves used the fall budget to confirm that from April 1, 2025 spend on VFX in the U.K. will benefit from an additional rate of relief, which was raised from 25.5% net to 29.25%. The money, originally earmarked by the previous Conservative administration, will be allocated via the North East Combined Authority to the Crown Works Studios development in Sunderland, which aims to create 8,000 jobs in the region.
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