International
The UK VFX tax credit increase starts from 1 January.
Today (30 October 2024) the UK Chancellor of the Exchequer confirmed an increase in tax incentives for spending on visual effects (VFX) in the UK, a move that has been warmly welcomed by the UK VFX industry.
Delivering Labour's first budget since taking power in July's general election, Rachel Reeves announced that VFX spending in the UK would receive a net rebate of 29.25% and be exempt from the overall 80% cap on spending eligible for film and TV tax relief. . This was proposed by the previous government in March 2024, but early elections meant improvements were not implemented, resulting in an anxious wait for the UK VFX community.
The Labor government has identified creative industries as one of eight growth-driving sectors within its Industrial Strategy, and the Prime Minister's confirmation of VFX improvements means the UK is now set to attract an additional $175 million a year in spending on creative industries. VFX for film and TV will increase by more than 45% and create 2,800 new jobs.
In a very welcome addition following a request from the UK Screen Alliance, the Prime Minister has brought forward the start date for the improvements, originally expected to be 1 April 2025, so that VFX spend incurred in the UK from 1 January 2025 will be eligible for the new incentives. This will prevent production costs from being delayed to qualify for rebates at a time when VFX companies need to keep operations running smoothly as they recover from the writers' and actors' strikes and overall production slowdowns of the past few years. Refund applications are available starting April 1.
Earlier this year, the Treasury proposed excluding costs associated with Generative AI from VFX enhancements. However, after consultation with the industry, this proposal has now been withdrawn.
The UK Screen Alliance has long campaigned for the removal of VFX spending caps and more competitive credit rates. This will help the VFX industry reach its full potential and drive economic growth, innovation and the creation of a highly skilled workforce. Highly productive jobs in the UK.
Budget confirmation that VFX rebates will be available from the new year is great news for UK visual effects companies. We know that productions are making decisions right now about where to place their VFX work in 2025 and beyond. Today’s announcement means these customers will be encouraged to undertake millions of dollars of internal investment work in the UK’s award-winning VFX community, creating significant value for the UK economy.
Neil Hatton, CEO of UK Screen Alliance
For the world's leading creative industries, we will enact legislation to provide additional tax relief for visual effects costs in TV and film.
Rt Hon Rachel Reeves MP, Minister of Finance
British film and television are respected around the world and are a key sector driving economic growth. Our VFX division is one of the crown jewels of the UK industry, with deep creative and technical expertise. But these are competitive times. Productions are looking globally for top talent and incentives to guide their investment decisions. Any new measures must help us tackle increasing global competition and do what we do best. Today’s confirmation of an increase in VFX tax credits will double down on the UK’s strengths and drive investment. This is not only welcome but essential to support the growth of our sector and the wider UK.
Adrian Wootton OBE, Chief Executive, British Film Council True Detective: Night Country @HBO All rights reserved. VFX by Cinesite.
The UK's position at the heart of the global visual effects industry has been hard-fought and this change represents a significant step forward. This is a highly skilled, creative and innovative field with technology at its core, and the advances we have made across film, TV, advertising and immersive experiences deliver far-reaching benefits to a wide range of industries. As the impact of emerging technologies continues to grow, it is more important than ever to future-proof the UK as a place where the best artists, technologists and creative thinkers can push the boundaries of what is possible. These changes will help them do that. just.
Sir William Sargent, Chairman of Framestore Company 3
VFX is the fastest growing component of the film and luxury television industries. As digital content creation becomes a fundamental tool in every industry, its skills and techniques are shared across the gaming industry and the wider economy. Today’s announcement provides a welcome boost to investment and job creation in key areas of the digital economy.
VeloFX CEO Alex Hope OBE
The Chancellor's announcement is a very welcome one and will provide a boost to the entire industry and the many supported jobs it relies on. The film strike has had a significant impact on our sector, so the postponed implementation date is a clear acknowledgment of the importance of the VFX sector to the UK's future economy and our position as a global leader in creative technologies, with significant growth now set to occur. .
Antony Hunt, CEO of Cinesite Group
The UK's creative industries are the envy of the world, and the VFX industry has played no small part in this reputation. Our work can not only transport audiences to Hogwarts, Buckingham Palace or darkest Peru, but it also helps drive economic growth, drive inward investment and create high-quality jobs for talented people from diverse backgrounds. It’s encouraging to see the UK Government’s confidence in the VFX sector, and we look forward to working with them to further develop our industry.
Framestore CEO Mel Sullivan
The Minister's statement is very welcome news for our industry and recognizes the significant economic value it delivers and the strong potential for further growth. This announcement will encourage production companies to undertake more creative VFX work in the UK, driving technological innovation and, crucially, creating a significant number of new jobs in the industry. We are grateful that the Government has agreed to bring forward the implementation date to ensure that these changes have an immediate positive impact on the VFX sector in the UK.
Stefano Salvini, General Manager of DNEG London
I am delighted to hear the announcement of improved VFX tax incentives in the Chancellor's Budget statement. This important step will no doubt retain and attract more VFX work to the UK.
Sue Lyster, Industrial Light & Magic Guardians of the Galaxy Vol. 3. Image courtesy of Marvel
The Prime Minister's announcement today is great news for the UK's creative sector. This will enable the UK to retain VFX work for eligible productions in the UK, driving the growth of a world-class visual effects industry. I would like to thank Neil and the UK Screen Alliance team for their tenacity and determination. This is a huge boost to the amazing creative talent we have here in the UK.
Chris Burn, Group Managing Director, Milk Visual Effects
Today’s announcement is a huge win for the UK VFX industry. This very timely support demonstrates our Government’s strong understanding of the vital role our sector plays in the UK’s creative economy. This will help drive our growth, job creation plans and innovation, amplifying the UK’s creative influence globally. This decision will help boost a vibrant industry and bring iconic British craftsmanship to more screens around the world.
Rachel Penfold, CEO of One of Us
This is good news. Lifting the cap, increasing rebates and bringing them forward to January makes a difference to the entire industry. The move accelerates the reopening of the UK film industry, which is still recovering from the challenges of COVID-19 and recent industry-wide strikes. This will allow production teams to plan more optimistically, enabling more ambitious projects and fostering local talent. This will have a strong economic impact on the world-leading UK VFX industry, which will no doubt go from strength to strength.
Tim Caplan, co-founder of Union Visual Effects
Having successfully navigated COVID-19 and retained our entire team during the recent industry downturn, managing an independent company can be very difficult, so it's great news that this proposal has finally passed, and the improved implementation date will allow the industry to: I feel confident. The Government is following in the footsteps of Gordon Brown in supporting the creative sector and recognizing the hard work and financial contribution it makes to the economy and the country as a whole. A special thank you also goes to Neil Hatton and the great team at UK Screen for tirelessly pushing this proposal forward.
Simon Wilkinson, co-founder and owner of The Flying Color Company Ltd
Today is a great day for the UK VFX and filmmaking community! We are pleased that this tax incentive will become effective from January 1, 2025. This will help drive growth, create more jobs and position the UK VFX industry as the first choice for international film and TV production after a difficult period.
Tracy McCreary, Executive Director, BlueBolt
We are very pleased that the government has implemented the rebate sooner than expected. January 1 marks a monumental win for everyone in the UK VFX industry. Removing the 80% cap is a game changer, helping studios like Vine FX attract the best projects and enhance their creative capabilities. This is an important development our industry has been waiting for and paves the way for an exciting future ahead!
Michael Illingworth, Owner, Vine FX
Fantastic news – the accelerated VFX tax credit timeline means there is every reason for production to begin immediately. This early start will allow us to start 2025 with serious momentum, ensuring the UK remains competitive and setting the stage for a year of significant impact across the industry.
Tom Lewis, Managing Director, Lexhag Visual Effects
Bringing forward this proposed tax policy change means that the new government clearly understands the problems the previous system created for UK-based companies with a UK-based workforce. As a Northern SME responsible for HETV and international features, we have lost numerous contracts to overseas companies where alternative incentives for VFX services allow UK-based productions to reach the 80% cap and reap additional benefits by transferring work. We believe this must ensure employment for the wealth of creative and technical talent that the North of England produces.
Viridian FX Company Director Thomas Mattinson
Today’s news is fantastic for all VFX teams across the UK. After an extremely challenging 18 months across the industry, this is exactly the boost we need to give us the confidence we need so we can all be very excited about the work ahead in 2025.
Luke Kaile, Head of VFX at Territory Studio
This is much-needed support for VFX companies and artists who have collapsed. I can't thank Neil, the UK Screen Alliance and others who have advocated on behalf of the VFX community enough.
Fi Kilroe, Managing Director and Executive Producer of Freefolk
I'm really glad to see the Superintendent's update today. This is good news at a difficult time for our sector. Dupe is ready to grow and continue to deliver world-class VFX for our customers in 2025 and beyond!
Jonathan Harris, CEO and VFX Supervisor at Dupe Visual Effects
Read the full Autumn 2024 Budget here, read the summary of responses to the consultation on additional tax relief for visual effects costs here and see the highlights below.
Sources 2/ https://www.ukscreenalliance.co.uk/news/uk-vfx-tax-credit-uplift-will-start-on-jan-1st/ The mention sources can contact us to remove/changing this article |
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos
to request, modification Contact us at Here or [email protected]