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<p>The UK Government has a clear plan to grow the creative industries by a further
£50 billion and support another 1 million jobs by 2030. This was set out in June 2023
in the Creative Industries Sector Vision, which was accompanied by £77 million of
new funding to support the sector’s growth.</p><p>We are taking steps to support producers
of all sizes and the production sector more generally. This includes generous tax
reliefs across studio space and visual effects, investing in studio infrastructure,
and supporting innovation and promoting independent content through the UK Global
Screen Fund.</p><p>At Spring Budget 2024, the Chancellor also announced the UK Independent
Film Tax Credit. Eligible films with production budgets (excluding marketing and distribution)
of up to £15 million will be able to opt-in to claim enhanced Audio-Visual Expenditure
Credit at a rate of 53% on their qualifying expenditure.</p><p>This is in addition
to our long standing interventions supporting the independent television production
sector, including the independent productions quota and associated Terms of Trade
regime, which have been extremely successful in furthering the diversity of the sector
and its output.</p>
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