To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential impact of the Film Studios Relief on film studios.
Answered on
19 March 2024
The government has announced that eligible film studios in England will receive a 40% reduction on gross business rates bills until 2034 which is a tax cut worth £470 million over the next 10 years. This will ensure that existing studios remain competitive and support new studio investments in England. The most recent statistics from 2019 indicate that film and high-end TV alone contributed £11.9 billion in Gross Value Added and over 195,000 jobs to the UK economy.
Answered by
Treasury