An industry which, among other things, also benefits from the advantage of the English language, which evidently opens up to the world as a market. However, there is not only that behind the success of the audiovisual production market in the UK. Which has also experienced some less happy phases than the current one in which the demands of web platforms are inflating the activity.
Industry leader
But it still remains a leading market which with its 7.17 billion euros invested in content in 2022 (a figure obtained by subtracting the 11.4 billion invested in sport) is worth almost three times the Italian market with its 2.49 billions that become 4.5 with sport.
A sector that makes the United Kingdom a leading country at European level and on which the Government has decided to continue betting with lots of increases for support to the television and film industry: the Audio-Visual Expenditure Credits.
“Tax relief in the audiovisual sector has helped make our film and television industry the largest in Europe. Just last month, Pinewood (the UK equivalent of Cinecittà, ndr) has announced an expansion that will bring another 8,000 jobs to the UK,” Chancellor of the Exchequer Jeremy Hunt indicated in his statement on the 2023 budget.
The remodeling of reliefs
What has been declared, starting from 2024, is therefore a modification of the film and television relief from a 25% discount to a new “spending credit” of 34%. Not that a change was not expected given that a consultation on the subject had concluded at the end of 2022. And although no critical issues were identified in the system of use of the tax credit, on the contrary, the need for an update had somehow shown itself obvious.