UK raises VFX tax credit to 39% from 2025, aims to attract £175m annually and create 2,800 jobs.
The UK aims to lead the global visual effects (VFX) industry with enhanced tax incentives, now effective from January 1, 2025. The initiative is projected to attract £175 million annually in VFX spending and create 2,800 jobs. The changes include a raised Audio-Visual Expenditure Credit rate to 39% and the removal of caps on qualifying costs, aiming to bolster the local economy and maintain competitiveness amidst industry challenges.
October 30, 2024
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