Visual Effects Industry

Treasury written statement – made on 21st May 2013.

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Photo of David Gauke David Gauke The Exchequer Secretary

As announced at Budget 2013, the Government are today launching a consultation on options to provide further support for the visual effects industry through the tax system.

The UK has historically been one of the global centres for visual effects production, and is currently home to a number of world-renowned and award-winning visual effects studios making a significant contribution to British culture.

The visual effects sector makes a valuable economic and cultural contribution to the UK, supporting the performance of the wider digital and creative content sectors. This includes the film, animation, high-end television and film industries, which the Government aim to support through their targeted creative sector tax reliefs. The Government are therefore keen to explore the need for Government measures to address any reported decline within the UK visual effects industry.

The consultation published today invites views from individuals, companies, and representative and professional bodies on options to provide further support for the visual effects industry through the film tax relief as well as alternative spend and tax options to support the sector. Copies of the consultation document have been deposited in the Libraries of both Houses.

This initial stage of consultation closes on 2 July 2013. The Government will take all responses into account.