film news

Film production companies and freelancers set to benefit from new rules

The Conservative government is about to deliver promised reforms and tax cuts to small businesses and people across the UK.

The tax threshold is going to be raised from £10,000 a year to £12,500 in the next 5 years giving freelancers in the film industry and elsewhere more money to spend before paying tax.

In addition to this, new Business reforms are currently in the works which will save employers more than £10bn in the next Parliament, tackling waste, red tape and excessive regulations that cost money.

Prior to the election the Conservative-led government announced it would be launching further tax relief programmes in the next 5 years for Film, TV, Games companies and animation producers.

On top of this, with corporation tax being locked in at 20%, the UK is now one of the most attractive destinations to shoot films in the G7. For Hollywood producers, this is also great news as a strong dollar makes UK investments even cheaper. Canada recently announced a reduction to their tax relief programme, boosting the UK’s international competitiveness for foreign productions.

For a list of creative industry pledges by the Conservative government you can review the full list here.