Britain Plans Bigger Tax Breaks For Entertainment Industry
The British government said today (Monday) that it will entertain public comment on its proposal to seek additional tax breaks for animation, "high-end" TV drama (i.e. dramatic programs or series that require big budgets), and videogames. The announcement of a so-called public consultation was made after Chancellor of the Exchequer George Osborne said in a statement that he wants the U.K. "to remain a world leader in the creative industries." He went on to say that his new tax-relief plan will build on the existing one, making it "among the most generous [tax incentive program] available anywhere. ... High-end TV, animation and video games production are exactly the kind of innovative, high-tech industries at which this country excels, and the government is determined to support them as part of our efforts to grow this economy." Warner Bros.' U.K. chief, Josh Berger, quickly issued a statement acknowledging that the country's tax-credit strategy has already "helped fuel the country's reputation as one of the leading centers of film production anywhere in the world" and that the new incentives will similarly boost the status of the related fields of animation, TV drama, and videogames.