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While most of the claims were made by larger productions with considerable budgets (over £2bn) smaller budget films also staked their claims with £721m. paid out over the course of the year. Across the 180 films that applied for the relief £469m. was issued by HMRC.
Tax credits of this nature are not limited to feature length productions, in fact many high end television programmes, such as the hit show ‘Peaky Blinders’ have put forward successful claims for High-End Television Tax relief amounting to £184m.
Meera Rajah, VAT Director and Head of Film & Media at James Cowper Kreston said: “Film Tax Credits have been growing in popularity and it is fantastic to see companies making the most of them. At James Cowper Kreston we ensure that our clients who operate in this industry are aware of such provisions so that they complete their production in the most tax efficient manner. In the last 12 months we have successfully claimed £6,274,785 in Film Tax Credits for our clients and this amount will only grow in the future”.
For more information on Film Tax Credits or any other queries please contact our VAT team on +44 (0)1635 35255 or by submitting an enquiry.