On 27 March 2024, the UK HM Treasury launched a public consultation regarding additional tax relief for visual effects costs.
At the Spring Budget 2024, the government announced that UK visual effects costs in film and high-end programs would receive a 5% increase in Audio-Visual Expenditure Credit. The total rate is set at 39%. UK visual effects costs will also be exempt from the Audio-Visual Expenditure Credit’s 80% cap on qualifying expenditure. These changes will take effect from 1 April 2025.
The deadline to receive comments on the consultation is 22 May 2024.