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What will be the impact of the UK Independent Film Tax Credit on the UK's GDP by December 31, 2025?
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UK government economic reports or analyses
Story
UK Government Passes £125 Billion Independent Film Tax Credit, Approves £750 Million Marvel Studio for Productions Up to £15 Million
Oct 9, 2024, 08:14 AM
The UK government has formally passed the Independent Film Tax Credit, a move aimed at bolstering the creative industries, which contribute £125 billion to the economy. The new tax reliefs, applicable to productions with budgets up to £15 million, are expected to stimulate job creation and support UK filmmakers. Angela Rayner, the Deputy Leader of the Labour Party, has intervened to approve the construction of a £750 million Marvel film studio in Buckinghamshire, overruling local county councillors. Additionally, Pinewood Studios is set to open a dedicated production hub for independent films, further enhancing the UK's capacity for film production. This initiative reflects the government's recognition of the importance of creative industries as drivers of economic growth and job creation.
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