TV Overtakes Film for First Time in UK Tax Relief Claims

UK television tax relief claims outpaced those of the film sector last year, marking a first for the industry, Her Majesty’s Revenue and Customs said Thursday.

Film tax relief plummeted 41% for the year ending March 2022 compared to the previous year as a result of the impact of the pandemic, according to HMRC. In contrast, high-end television grew, albeit at a slow pace, increasing 5% on the previous year.

Creative industry tax relief allows qualifying film, television, theatre, and video game companies to make a deduction in their taxable profits for a payable tax credit. ...