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The Chancellor announced his intention to increase the generosity of the Audio-Visual Expenditure Credit and today published a call for evidence on the UK visual effects sector.
Companies in the UK visual effects industry.
The government intends to implement changes from April 2025 and will consult on detailed proposals in Spring 2024.
This builds on the previously announced reforms to the creative sector tax reliefs with the new Audio-Visual Expenditure Credit and Video Games Expenditure Credit taking effect from 1 January 2024. The call for evidence is a welcome recognition of the importance of the UK visual effects sector and the need to maintain international competitiveness.