International drama shot in the UK has just become more appealing to overseas investors following this week’s government Budget announcement.
Chancellor George Osbourne revealed the level of UK spend on high-end drama projects that can qualify for tax breaks has been cut from 25% to just 10%.
To date, drama tax breaks introduced in April 2013 have led to more than 40 productions benefitting to the total spend cost of £400 million (US$596 million), with the likes of The Walt Disney Company, NBCUniversal and HBO taking advantage of the favourable terms.
This latest shake-up will also see the cultural test productions must pass to qualify “modernised” to ensure legitimate projects benefit.
The changes bring high-end TV drama tax breaks in line with those for British films.