Autumn Statement Brings Good News For Creative Industries
Posted on Dec 6, 2013 by Definition Magazine
Creative Industries employers welcomed the Chancellor’s Autumn Statement, which confirmed that the Government will increase tax incentives for businesses.
He announced that he would make the successful film tax relief even more generous and benefit the VFX industry.
The Chancellor also committed to channel funding for apprenticeships directly to employers across all industries.
There was also good news for the National Film & Television School (NFTS), which was allocated £5m to upgrade and expand its facilities.
Alex Hope OBE, Managing Director of Double Negative and Creative Skillset Board member said: “Adjusting the film tax relief so that it reflects changes in the production process will enable the UK industry to capitalise on its strengths in VFX and cutting-edge production technologies. This makes financial and creative sense.
“It is vital that the UK has an integrated approach to the digital future of the film industry. The Government has recognised this with the support announced in April’s budget for R&D into digital content production through the Technology Strategy Board, and support for skills development in the sector, through the Creative Skillset Skills Investment Fund. Today’s announcement is crucial in giving VFX companies confidence to continue investing in their UK-based operations and generating further growth for film and the Creative Industries.”
Dinah Caine CBE, CEO of Creative Skillset said: “The changes to the tax reliefs will help ensure the future growth of our industries and support our work in developing skills and talent.
“As the second largest investor in the NFTS, we were delighted to see that £5m has been ear-marked to upgrade and expand its facilities. Creative Skillset is looking to invest £2.18m to support NFTS’ upgrade and has already awarded £598,388 development funding from its Capital Investment Fund. The school is invited to apply for a second stage application once its plans are finalised, which would secure a further £1.58m towards its film school infrastructure.”
On the announcement around apprenticeships, Dinah said: “We welcome the Government’s decision to enable employers across the economy to receive funding directly for the training costs of apprentices through HMRC. This has been our industries’ preferred option as expressed in the recent BIS Apprenticeship Funding Consultation and we look forward to receiving more details on the implementation of that reform in due course.”
Recognising the valuable contribution the Creative Industries make to the UK economy, in March the Chancellor introduced new reliefs for animation and high end TV, and committed £16 million, industry match-funded, to support creative, digital skills in the film, high-end TV, animation, games and VFX industries.