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U.K. Government Unveils Tax Relief for Studios and Indie Film Credit as Jurassic World 4

During the reading of the U.K. government’s spring budget on Wednesday, Chancellor of the Exchequer Jeremy Hunt revealed a 40% corporate tax relief for film and TV studios through 2034.

The plan also includes a new tax credit for independent films shot in the U.K. that have a budget less than $19 million (£15 million), and a 5% increase in credit for visual effects in film and high-end TV along with the removal of the 80% cap.

“We have become Europe’s largest film and TV production center, with Idris Elba, Keira Knightley and Orlando Bloom all filming their latest productions here,” Hunt said. “Studio space in the U.K. has doubled in the last three years, and at the current rate of expansion, next year we will be second only to Hollywood globally.”

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Hunt continued to say that the government had listened “carefully to representations from companies like Pinewood, Warner Bros. and Sky Studios” when making the decision. In a statement following the budget presentation, Sky Group CEO Dana Strong revealed that the next “Jurassic World” movie is gearing up to shoot at Elstree North.

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“We’re delighted that the Chancellor called ‘Cut’ today on TV and Film studio business rates, providing vital tax relief to enable the UK’s world-class film and TV production sector to continue to thrive,” Strong said. “Today’s announcement brings confidence to the sector, unlocking job opportunities whilst providing a stable foundation for the investments of tomorrow in the U.K., such as our proposal for Sky Studios Elstree North and the filming of NBCUniversal’s ‘Jurassic 4.’”

“Jurassic World 4” director Gareth Edwards also expressed his delight at the news.

“Watching ‘Star Wars’ as a child, I always assumed blockbuster filmmaking was just a distant dream for someone growing up in the U.K. But then, as I watched the behind the scenes, I suddenly realized it was all filmed in a studio just outside of London. And that making ambitious commercial films is totally within the reach of British filmmakers,” he said. “When I finally got to make my first film ‘Monsters,’ it was made in the true independent style — with a small cast and crew, a tiny budget and shot in just a few weeks. I learnt so much, so fast, and would definitely describe it was one of the most creative experiences I’ve ever had. Without that opportunity I would never have been given ‘Godzilla,’ ‘Star Wars’ and ‘The Creator’… And now as we organize shooting the new ‘Jurassic Park’ film in ‘a studio just outside London,’ I hope we inspire other new filmmakers to shoot small, but always dream big.”

Added BFI chair Jay Hunt, “The Government’s new tax credit is a game changer for U.K. filmmakers, creating jobs and ensuring great British stories continue to be told. By introducing the uplifted rate, the Prime Minister and the Chancellor are fueling the growth of the wider screen sector that contributes billions to the U.K. economy.”

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