April to Start UK Tax Relief for VFX Companies
April is tax time in the US. But in the UK, this April will signal tax relief, at least for those working in the UK entertainment industry.
A few months ago, George Osborne, Britain's chancellor of the exchequer (akin to the US treasury secretary), introduced the tax incentive for big-ticket British drama series while uncovering the nation's new budget to the House of Commons. When he did so, he also announced a plan for tax relief to the animation and video game industries there starting in April 2013. His reasoning was that the tax relief would play a big part in keeping the UK's visual effects industry competitive with the rest of the world.
The goal of the incentive is to maintain local animation within the country. Osborne is also hoping to attract top international investors-naming Disney and HBO as among those the government would like to see producing some top shows in the UK.
Those qualifying under the relief would receive a 25% tax break.
A video game tax relief is also proceeding forward.