The new budget finally gives UK producers what they’ve long hoped for: higher levels of tax relief to reinvigorate homegrown British cinema.
It seems to have taken an age to happen but this week’s budget announcement held a long-awaited announcement for producers of homegrown British film.
Amid a raft of announcements designed to bolster the British film industry and keep it competitive on the international stage, it was revealed that small homegrown productions can now qualify for up to 40% tax relief. Following months of consultations with the industry, this is what lots of producers of independent British cinema were hoping for.
The hope is that the new measures will reinvigorate an ailing sector of what is an otherwise growing industry. As the UK screen trade has continued to grow (with the exception of the pandemic and last year’s strikes), the production of homegrown British film has struggled over the past decade. Some might question whether the incentive has gone far enough but it’s certainly welcome news and alongside other measures to provide increased tax relief for inward investors, will help to give the UK industry a strong foundation to continue growing.
BFI CEO Ben Roberts had this to say about the changes: “This is a dramatic moment for U.K. film, and the most significant policy intervention since the 1990s. The positive impact will be felt across our industry and through all the new films that audiences will get to enjoy. The films we make are vital to our culture expression and creativity – they reflect a diverse and global Britain and build careers.”
Certainly, the 1990s was the last time homegrown British cinema enjoyed such an uplift, aided by the then-new funding from the National Lottery. That increased capital did indeed lead to a resurgence in British cinema, although over time many feel that too much money led to a decline in quality as the bar to get British films made lowered. As for what happens next, we’ll have to wait and see but UK producers have certainly been given an increased opportunity to get smaller, homegrown projects over the line and that’s something to celebrate.
