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Government announces ‘world class’ tax breaks for creative industries

HM Treasury has launched a consultation on its plans to introduce tax reliefs for the UK’s creative industries that are among ‘the most generous in the world’.

The tax reliefs are intended to increase the appeal of the UK as a location for the production of high-end television shows, animation and video games.

The Government announced in the 2012 Budget that it intended to introduce the corporation tax reliefs from April 2013, to help support technological innovation and encourage the creative industries to continue to contribute to British culture and UK economic growth.

Currently many television shows are made abroad as a result of the greater tax incentives on offer.

The plans are based on the existing system of film tax relief, which provides support to the British film industry.

George Osborne, Chancellor of the Exchequer, said, ‘High-end TV, animation and video games production are exactly the kind of innovative, high-tech industries at which this country excels, and the Government is determined to support them as part of our efforts to grow this economy’.

The consultation invites views from individuals, companies and professional bodies and will run until 10 September 2012.