Britain’s film and creative sector reeled in a record £700m of handouts from the taxman over the last year, the government revealed today.
Creative sector tax relief is applied across the UK’s creative sector industry which also includes video games animation and high-end television.
Award-winning TV series The Crown and film Lady Macbeth were two productions that benefitted from film tax relief. Film companies made 630 claims in 2016/17, up from 535 in the previous year.
HM Revenue and Customs (HMRC) paid 23 per cent more to Britain’s film industry compared with the previous year.
Creative industries minister Matt Hancock said the relief “plays a vital role” in promoting the UK’s creative sector.
He added: “Britain’s creative industries are growing faster than the rest of the economy and we want to keep it that way.”
The tax relief is the latest derivation of film credits that have sparked controversy.
Such tax credits applied to partnerships, where individuals could claim relief. The current creative sector tax relief differs as it can only be applied to companies, meaning individuals cannot benefit in the same way.