By Maximilian Clarke
The UK’s £4.5bn film industry is to receive a £95m tax boost aimed at stimulating over £1bn in investment, the treasury has today announced (Friday).
The film tax relief scheme promotes the sustainable production of culturally British films and in 2009/10 provided around £95 million of support to the British film industry, supporting over £1 billion of investment in 208 films.
"I am delighted to announce the extension of film tax relief to the end of 2015, guaranteeing millions of pounds of support for the British film industry,” commented Prime Minister, David Cameron. “The last year has seen massive success, both at home and abroad, for a whole host of UK films. I look forward to seeing the UK film industry continue to thrive over the coming years, supported by the Government's film tax relief."
Film Minister Ed Vaizey added: "The huge success of British films at the Oscars, the Golden Globes and the BAFTAs this year is clear recognition of our world class talent and creativity. But as a vital creative industry, it also has huge potential for economic growth. Film tax relief is at the heart of our drive to support the production of culturally British Films within a sustainable and vibrant industry. I'm delighted that we can give certainty to the industry for the next four years."
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