UK’s creative industries received a record £2.4bn in tax relief
The UK’s creative industries have received a record level of tax relief, say leading audit, tax and business advisory firm, Blick Rothenberg.
Mandy Girder, a partner at the firm, said: “HMRC’s latest statistics show the government recognises how important the UK’s creative industry is. The sector has received a record £2.4bn in tax relief and expenditure credits for the 2023/24 financial year. This is a 10% increase on the previous year, underlining the industry’s growth and resilience.”
She added: “High – End TV productions remained the single largest beneficiary, accounting for almost half of all reliefs (£1.1bn), reflecting strong inward investment and the continued success of streaming content. Film Tax Relief delivered £534m, slightly down from last year as more releases moved to TV and streaming platforms.”
Mandy said: “Theatre and Orchestra companies saw increases, with amounts paid out surging by 65% and 39% respectively, boosted by enhanced government relief rates which have now been made permanent.”
She added: “Video Games continued their strong growth trajectory, with reliefs up 12%, further demonstrating the UK as a global leader in the sector. So far, £8m has been paid out in VGEC (Video Games Expenditure Credits).”
Mandy said: “From April 2025, there has been the introduction of the new Independent Film Tax Credit, this is expected to revitalise British film, particularly independent productions.”