BFI (The British Film Institute) claimed that the UK TV and Film industry led with a record of £7.9bn in 2016 aided by government tax reliefs. As per the report of the BFI £632m in tax discount prompted further spendings of more than £3bn on the high-end television show and films such as The Crown and computer games.
The report said that the Customs and HM Revenue got more than money return, gaining £2bn tax.
BFI commented that this matter proves the beneficial value of such tax discount on the case of the wider economy.
The report focussed at the influences of tax reliefs approved across the screen industry in UK including films, video games, animation programmes, high-end television programmes and children’s TV also.
The BFI assures the money created 137,000 jobs in 2016 alone. Another beneficiary sector is tourism. Films along with an incredible story of UK, culture and places such as Paddington, Harry Potter and Kingsman have highlighted in the tourism campaign of UK.
According to BFI, since the initiation of the tax relief in 2013, the high-end telecasting programmes has been also boomed. Major shows hits across the world including The Crown, Game of Thrones, The Night Manager and Black Mirror.
The report evaluated that the visitors spent around £600m on film-related tourism in the UK. Philip Hammond the chancellor of UK greeted the report saying, “ From TV shows like The Crown to films like Darkest Hour, and animations like Peppa Pig, our industries are intrinsic to the rich cultural fabric to the UK.”