Film: Finance

Treasury written question – answered on 19th March 2019.

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Photo of Giles Watling Giles Watling Conservative, Clacton

To ask the Chancellor of the Exchequer, what assessment he has made of the adequacy of the Seed Enterprise Investment Scheme in helping domestic film production companies raise funding.

Photo of Mel Stride Mel Stride Financial Secretary to the Treasury and Paymaster General

The Seed Enterprise Investment Scheme was introduced in 2012 to support investment in very early-stage companies, which often struggle to access growth capital.

As a non-sectoral scheme, no assessment has been made of the application of the SEIS to specific industries or sectors. Since its introduction, the scheme has helped over 8,000 companies from a range of industries to raise around £800 million in investment.

The government recognises the importance of the film industry to the UK economy, which is why it offers specific support for the production of culturally British films. Last year alone the film tax relief provided support worth £469 million, in addition to nearly £70 million in direct funding.

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