TV and video game industries get duty cut

BRITAIN’S creative industries were boosted by new tax incentives yesterday.

The video game, animation, and “high-end” TV production sectors will receive a credit to offset corporation taxes, amounting to 25 per cent of qualifying spending, George Osborne announced.

The policy had been announced in March’s Budget, but the level of tax relief was not made clear until yesterday.

Legislation will be introduced by the end of the year that will define exactly what expenditure qualifies, and what “high-end” TV production is. The definition is expected to include big budget productions such as ITV’s Downton Abbey (pictured)

Osborne has said the relief will be “among the most generous in the world”.