UK Chancellor of the Exchequer George Osborne today unveiled improved incentives for the film, TV and videogame business as he delivered his final budget before the country’s general election May 7. The government has increased the rate of film tax relief to 25% for all qualifying expenditure, and extended the high-end television tax relief by reducing the minimum UK spending requirement from 25% to 10%.
Osborne is also set to update the cultural test- a largely points-based system that quantifies a project’s “Britishness” and eligibility for public support. The coalition government will also introduce a new children’s television tax relief from April, including game-shows.
The government will enhance its funding of the Skills Investment Fund to expand training and development across film, television, visual effects, video games and animation. A new Video Games Prototype Fund is also being proposed with an initial $5.8 million funding commitment to support the vidgame business.
The UK heads to the polls May 7 in a tightly-contested election with no clear frontrunner.