Producers and executives from the British audiovisual industry expressed their calm after the UK government’s announcement of the review of tax relief for film and television in the region.
Under the new Simplified Audiovisual Expense Credit (AVEC), UK-based children’s television and animation productions are now eligible to claim up to 39% on qualifying expenses, representing a significant allowance increase, from 20% to 25%.
‘We’ve been lobbying to increase the tax credit for children’s content, so we’re very glad the government has listened,’ said John McVay, chief executive of trade association PACT, adding that this will be crucial in attracting more funding.’ at a time when it is very difficult to raise funds for children’s content.
‘We need our national networks to order more children’s content,’ he emphasized. ‘That has been declining for several years. This tax credit should help incentivize that, but we’ll have to wait and see.»
