During the reading of the U.K. government’s spring budget on Wednesday, Chancellor of the Exchequer Jeremy Hunt revealed a 40% corporate tax relief for film and TV studios through 2034.
The budget also includes a new tax credit for independent films shot in the U.K. that have a budget less than $19 million (£15 million).
“We have become Europe’s largest film and TV production centre,” Hunt said, according to the BBC. “At the current rate of expansion, we will be second only to Hollywood globally by the end of 2025.”
Hunt continued to say that the government had listened “carefully to representations from companies like Pinewood, Warner Bros. and Sky Studios” and “will provide eligible film studios in England with a 40 percent relief on their gross business rates until 2034.”
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