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The Hollywood Reporter: Cut the film tax credit, and the U.K. movie production sector would collapse to be around 71 percent smaller without it, and the contribution made to the British economy would also shrink.
It's great to hear how successful the tax credit in the United Kingdom is working. It's a great system when, as quoted in the article that "...for every £1 ($1.60) pumped in by the government via the credit, an extra £12 ($19) in GDP is generated." The efficacy of this credit for filmmakers can be easily proven. The amount of inward investment that is going on within the film industry in the UK also is a great sign of a healthy film industry.
Funnily (not a word) enough, my uncle is a tax-credit dealer! This is the kind of stuff he deals with. Most recently, he was doing some negotiating with a few theaters out west. These also included movie production studios. Part of the motive behind the latter was to incent them to move to Mass. Which would be great for the local economy (especially in Devens, where the land is so cheap thanks to the military base). it goes to show that these tax credits are supporting thousands of jobs. The cheaper it is to run a theatre, the more there'll be and the more people will work in them. Keep those tax credits, GB for our sake!
I wonder how much competition between countries there is for enticing movie production companies to shoot in their country. With the ability to shoot and edit anywhere in the world there has to be a factoring in of tax credits to make that choice. It is however fascinating that it is not just that there are tax incentives but also that there need to be stable tax incentives. Many states have great tax incentives but will these tax credits survive the rash of austerity measures that have ravaged Europe even with numbers that back up the effects of a good tax credit.
Though it is undeniable that this program is successful (based on the article and what others have already articulated), I find it interesting that these incentives are necessary. It would seem to me that in most industries, you would go to where the resources exist. For examples, you used to film in Hollywood because everything was on a sound stage, but as the industry has become more motile (both this industry and others), location matters less than the financial incentives. This leads me to wonder what the other changes are and how they could be capitalized on in order to better the industry and maybe make a profit. I am curious to see if there are other industries that could have impact like this w/r/t GDP growth that incentives could be used to attract.
I think that it is very important for a government to support industreys that bing money back in to the country. Acording to the artical the film industrey is one of these valubal industrys. The 12 pound GDP riase for every one pound of the tax cut is an impressive statistic that proves how monitarily useful the industry is to the U.K. econemy.
Another way that the U.K. film industry helps the country acourding to the artical is though tourisum. For the last few years my mother and I have been planing a trip to england just so that we can vist all the places we have seen in british films and teliviion shows.
The U.K.'s video game, TV, and Film idustrys "are ensuring the U.K. remains a center for innovation." Although these three industres might normaly fight for market shares they are coperating to make the U.K. entertainment industry stornger. I belevie that this is the only way we can continue to keep industry strong though hard economic times.
5 comments:
It's great to hear how successful the tax credit in the United Kingdom is working. It's a great system when, as quoted in the article that "...for every £1 ($1.60) pumped in by the government via the credit, an extra £12 ($19) in GDP is generated." The efficacy of this credit for filmmakers can be easily proven. The amount of inward investment that is going on within the film industry in the UK also is a great sign of a healthy film industry.
Funnily (not a word) enough, my uncle is a tax-credit dealer! This is the kind of stuff he deals with. Most recently, he was doing some negotiating with a few theaters out west. These also included movie production studios. Part of the motive behind the latter was to incent them to move to Mass. Which would be great for the local economy (especially in Devens, where the land is so cheap thanks to the military base). it goes to show that these tax credits are supporting thousands of jobs. The cheaper it is to run a theatre, the more there'll be and the more people will work in them. Keep those tax credits, GB for our sake!
I wonder how much competition between countries there is for enticing movie production companies to shoot in their country. With the ability to shoot and edit anywhere in the world there has to be a factoring in of tax credits to make that choice. It is however fascinating that it is not just that there are tax incentives but also that there need to be stable tax incentives. Many states have great tax incentives but will these tax credits survive the rash of austerity measures that have ravaged Europe even with numbers that back up the effects of a good tax credit.
Though it is undeniable that this program is successful (based on the article and what others have already articulated), I find it interesting that these incentives are necessary. It would seem to me that in most industries, you would go to where the resources exist. For examples, you used to film in Hollywood because everything was on a sound stage, but as the industry has become more motile (both this industry and others), location matters less than the financial incentives. This leads me to wonder what the other changes are and how they could be capitalized on in order to better the industry and maybe make a profit. I am curious to see if there are other industries that could have impact like this w/r/t GDP growth that incentives could be used to attract.
I think that it is very important for a government to support industreys that bing money back in to the country. Acording to the artical the film industrey is one of these valubal industrys. The 12 pound GDP riase for every one pound of the tax cut is an impressive statistic that proves how monitarily useful the industry is to the U.K. econemy.
Another way that the U.K. film industry helps the country acourding to the artical is though tourisum. For the last few years my mother and I have been planing a trip to england just so that we can vist all the places we have seen in british films and teliviion shows.
The U.K.'s video game, TV, and Film idustrys "are ensuring the U.K. remains a center for innovation." Although these three industres might normaly fight for market shares they are coperating to make the U.K. entertainment industry stornger. I belevie that this is the only way we can continue to keep industry strong though hard economic times.
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