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Tax breaks for British Television dramas industry

By Look Right Subscribe to RSS | March 26th 2012 | Views:

George Osborne will offer tax breaks to Television dramas such as Downton Abbey and Birdsong on Wednesday. In Britain Production companies shooting the dramas are expected to be offered discounts of up to 25 per cent on their tax bills. The offer is intended to stop high-profile British series being filmed abroad. The BBC adaptation of the Sebastian Faulks novel, Birdsong was filmed in Hungary, as was the forthcoming Titanic series written by the Downton creator Lord Fellowes.

The British government hopes that similar series will in future be filmed in this country, creating thousands of jobs. A similar scheme for films has been widely regarded as a success and has led to Hollywood blockbusters being shot in Britain. More than 585 films have benefited from the tax breaks which have cost £570 billion over the past decade. The Harry Potter movies are among them. British television is second to none but unfortunately, time and time again, great British programmes are being made overseas where the tax climate is more favorable.

The scheme will be the subject of a consultation announced in the Budget, will lead to tens of millions of pounds in tax relief being given to television production companies. The tax break will only be offered to so-called “cinematic television drama”, defined as costing more than £1 million an hour to make. By this, finance minister is also hoping to attract American productions, although there will also be a requirement on producers to hire British staff or actors to ensure that the tax breaks help the economy. Currently Only a handful of countries offer such schemes, including Ireland, Hungary and South Africa. The US does not. For quick cash apply with @ and get required cash in moments.

UK is one of the world’s most successful exporters of television dramas, second only to America. In 2010, the estimated total revenue from exports was £1.42 billion, up 13 per cent on 2009. Mr. Osborne is said to be a fan of Downton Abbey, and the Prime Minister has spoken of his enjoyment of dramas such as the Danish series Borgen and The Killing. But many of these series were made elsewhere. Downton Abbey was relatively unusual in being produced in this country. HBO now films 85 per cent of its programmes in countries offering tax breaks. It is predicted that it would be a fantastic move forward for UK television drama industry and the country as a whole, as a host of new productions would undoubtedly be produced in here.

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Luke Right is expert financial adviser and he writes articles on , and , doorstep loans

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