The UK’s creative industries received a record £2.4 billion in tax reliefs and expenditure credits in the 2023/24 financial year, highlighting both the sector’s resilience and its growing contribution to the economy.
Figures from HMRC show a 10 per cent increase on the previous year, underlining the government’s recognition of the sector’s importance to growth, investment and jobs.
High-end television productions were once again the single largest beneficiary, claiming £1.1 billion – almost half of the total – as streaming platforms continued to drive investment in British content. Film Tax Relief accounted for £534 million, slightly lower than last year, reflecting the shift of major releases towards streaming.
Theatre and orchestral companies enjoyed a sharp rise in support, with claims up 65 per cent and 39 per cent respectively. The uplift was driven by enhanced government relief rates, which have now been made permanent.
Meanwhile, the UK’s thriving video games industry continued its upward trajectory, with reliefs climbing 12 per cent. Some £8 million has already been paid out in Video Games Expenditure Credits, reinforcing the UK’s position as a global hub for game development.
Looking ahead, April 2025 will see the launch of the new Independent Film Tax Credit, designed to revitalise British cinema by offering additional support for smaller, independent productions.
Mandy Girder, partner at audit and advisory firm Blick Rothenberg, said the figures confirmed the sector’s strength: “HMRC’s latest statistics show the Government recognises how important the UK’s creative industry is. The sector has received a record £2.4 billion in tax relief, reflecting strong inward investment and the continued success of streaming content. From TV to theatre, orchestras and video games, these reliefs are helping to ensure the UK remains a global creative leader.”
Read more:
UK creative industries secure record £2.4bn in tax reliefs