HM treasury : Analysing responses to whether introduce new tax policy to support the development of UK Visual Effects Industry

HM treasury : Analysing responses to whether introduce new tax policy to support the development of UK Visual Effects Industry

Background: HM treasury ran a consultation between 21may to 2 July 2013 on options for providing further support to the visual effects industry through tax system. This consultation is responding to part of the announcement of the UK chancellor at Budget 2013. Now HM treasury are analysing the feedback and will publish the result soon.

Policy context:

According to the policy context of this consultation document of HM treasury, the Government is committed to supporting the creative industries, which were identified in the Plan for Growth as having the potential to drive significant growth in the UK. This includes providing targeted support for the creative industries through specific spending and tax measures.As part of its wider ambition to support technological innovation and to help the digital, creative and other high technology industries grow, the Government is now looking to explore options to further support the visual effects industry through the tax system.

Key points for this consultation:
The Government are responses from external stakeholders in the following key points:
• the current size and composition of the UK visual effects industry;
• details of the economic and cultural contributions of the industry;
• any recent trends within the industry; and
• the factors driving any change within the industry and their likely longer term impacts.
They are seeking responses from external stakeholders
The responses will inform its decision on providing further support for the visual effects industry through the tax system.

This consultation and related document provides useful context for understanding visual effects industry in UK. It informs me to look further about the influences of government policy as well as tax system on the development of visual effects industry. And also its impacts on Spec its the global visual effects market as well as the position of UK in it. For example, the costs of doing visual effects in UK, the number of visual effects companies in UK, practitioners and their skills.

Moreover this consultation document states that their decision will be made on if visual effects industry has cultural benefits to UK. After reading this, I am if it is possible or in which way visual effects can embody certain culture? Moreover according to the report on screen digest,  South Korean and Chinese government seeking cooperation to support the visual effects industry in this two. How about other countries such as US, Australia and Canada? If their governments are providing support for their visual effects industry? And what are the consequences of these government involvement in this field?  Are they leading to the visible of their culture in the visual effects films?  I will do more reading about this point.

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One thought on “HM treasury : Analysing responses to whether introduce new tax policy to support the development of UK Visual Effects Industry

  1. Really great material here. For Australia and Canada, policy will be at both federal and state/province levels. Keep blogging about international gov’t policy + industry-based responses in the trade journals/papers – and also in the blogs of vfx/compositors.

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