Policy paper

Reform of audio-visual creative tax reliefs to expenditure credits

This measure is about the reform of the film, TV and video games tax reliefs to expenditure credits.

Documents

Draft legislation

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Explanatory note

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Details

This measure confirms that the audio-visual tax reliefs will be reformed to above-the-line expenditure credits, similar to the Research and Development Expenditure Credit.

The Audio-Visual Expenditure Credit will replace the:

  • Film Tax Relief
  • High-End TV Tax Relief
  • Animation Tax Relief
  • Children’s TV Tax Relief

The Video Games Expenditure Credit will replace the Video Games Tax Relief.

Film, high-end TV and video games will be eligible for a credit rate of 34%. Animated film and TV and children’s TV will be eligible for an uplifted rate of 39%.

The expenditure credits will be available to claim from 1 January 2024. New productions must claim under the new expenditure credits from 1 April 2025 and all productions must claim under the expenditure credits from 1 April 2027 when the current tax reliefs will end.

Updates to this page

Published 18 July 2023
Last updated 18 July 2023 + show all updates
  1. An accessible version of the draft legislation has been added.

  2. First published.

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