Aardman are among those in the video game and TV production industry who will receive tax breaks to encourage companies to remain within the UK. Aardman had previously considered moving their company overseas as UK taxes continued to rise. Just before the new Aardman film premiered, the Chancellor announced tax reliefs similar to those in the film industry.
Aardman are best known for Wallace and Gromit and other animations with clay figures. The animation company, which is based in Bristol, will now qualify for tax reliefs that are similar to those for UK produced feature length films. Dependent on the budget for production, the company will receive tax breaks of 20 to 25 percent. These tax breaks could be worth up to £700 million annually to the creative industry in the UK. According to the head of broadcast and development for Aardman, Miles Bullough, the tax breaks would transform the industry:
“We have seen a dramatic decline on UK television of home-produced animation and we now have a shot at reversing that trend. The credit will create thousands of UK jobs and our research shows that there will be a long-term financial gain for the UK.”
It is crucial that a business receives any tax reliefs which are available in order to maximise benefits for the company. An accounting firm will have all the latest details of tax breaks, especially following the Budget announcement.
Hugh Grant stars in the latest Aardman film, Pirates! In An Adventure With Scientists.
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