Government provides £1.1 billion cash boost to creative sectors
New figures reveal how much Britain's creative and art sectors have benefitted from tax reliefs.
Britain’s celebrated and world-leading creative and arts sectors have flourished in the last year thanks to £1.1 billion of support from Government, official statistics showed yesterday.
The award-winning TV series Killing Eve and the critically acclaimed film Phantom Thread are among the productions to have benefited from High-End TV and Film Tax Reliefs respectively.
Since these tax reliefs were introduced, 2,955 films, 485 TV productions and 1,075 videogames have benefited and, for the first time, museums and galleries exhibition tax relief has helped to showcase 300 exhibitions across the UK.
In 2016, the screen sector contributed almost £8 billion to the UK economy. In 2016, the film sector alone contributed over £1.71 billion of UK exports.
Jesse Norman, Financial Secretary to the Treasury, yesterday said:
The arts and creative industries make a vital contribution to the UK economy. These tax reliefs have helped support some astonishing and exciting work again this year, celebrating the very best of British culture.
Creative Sector Tax Reliefs were introduced to help UK businesses in these highly skilled and innovative sectors thrive at home and abroad. The reliefs support jobs and economic activity in all parts of the UK.
Amanda Nevill, CEO at the BFI, which administers cultural tests for the screen sector tax reliefs, yesterday said:
The BFI’s Screen Business report ‘How screen tax reliefs power economic growth across the UK’ demonstrated how they are helping to drive one of our fastest-growing sectors, creating jobs across the UK, investment in innovation and delivering a strong return on investment to the UK economy with close to £8 billion spent annually on production.
UK-made films, television programmes and video games are international award-winners and are enjoyed by audiences at home and abroad.
The combination of an explosion in global demand for high-quality productions, our creative and technical excellence, and the UK’s supportive fiscal environment creates huge opportunities for our sector to grow further and boost the future prosperity of the UK.
Full annual tax relief statistics available here.
Table 1: Creative sector tax reliefs awarded in 2018/19
|Relief||Number of projects||Amount of relief paid (£m)|
|Museums and Galleries||300||4|
Latest News from
Coronavirus sick pay scheme opens for applications27/05/2020 11:10:00
Small businesses and employers across the UK who have paid statutory sick pay to staff taking coronavirus-related are now able to claim back the money as of yesterday.
Up to £15 million to support the Citizens Advice service during COVID-19 pandemic26/05/2020 14:22:00
Citizens Advice and Citizens Advice Scotland to receive funding boost of up to £15 million to help them deal with increased demand during the COVID-19 pandemic.
Help with mortgages to continue for homeowners affected by Coronavirus22/05/2020 12:10:00
Homeowners struggling to pay their mortgage due to Coronavirus will be able to extend their mortgage payment holiday for a further three months, or start making reduced payments, in proposals published today.
Government to give VAT from donated PPE to healthcare charities22/05/2020 11:10:00
VAT collected on donated personal protective equipment will be given to charities supporting the NHS and care workers, the government announced yesterday (21 May 2020).
Government unlocks £150 million from dormant accounts for coronavirus response21/05/2020 15:20:00
Culture Secretary accelerates release of funding in further boost for charities and social enterprises across the country.
Future Fund launches today20/05/2020 17:08:00
The government’s £500 million Future Fund opens for applications today (Wednesday 20 May) with innovative and high-growth British businesses able to secure investment to help them through the Coronavirus outbreak.
Coronavirus Statutory Sick Pay Rebate Scheme set to launch20/05/2020 11:14:00
Employers will be able to make claims through the Coronavirus Statutory Sick Pay Rebate Scheme from 26 May.
UK Global Tariff backs UK businesses and consumers20/05/2020 08:12:00
The Government has announced the UK’s new MFN tariff regime, the UK Global Tariff (UKGT).