Further support for the creative industries

Cliona Kirby, Tax Partner, CMS

The Government has continued its drive to make the UK a global centre of digital media.   In particular, the important and globally renowned visual effects industry may benefit with the announcement of a consultation on how to support this industry through the tax system.  Perhaps the existing film tax credit can be extended to cover visual effects and post production?

Additional funding measures announced include (i) increasing the Skills Investment Fund to £8 million each year over the next two years, with Government match-funding voluntary contributions to support skills development in the UK digital content sectors and (ii) the Technology Strategy Board promoting a new competition of up to £15 million to support digital content production through partnerships with industry.

Another step in the right direction to support these important digital industries and ensure UK talent has the requiste skills to compete on an international basis.

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