UK VFX Tax Credit Uplift Start on Jan 1st 2025

UK VFX tax credit uplift starts on Jan 1st 2025

One piece of good news in the recent UK Budget was the UK VFX tax credit uplift, which will start on Jan 1st 2025.

On 30 October 2024 the Chancellor of the Exchequer confirmed an increased tax incentive for spending on visual effects (“VFX”) in the UK - which has been warmly welcomed by the UK’s VFX industry. 

From Jan 1st 2025, VFX spending in the UK will attract a net rebate of 29.25% and would be exempt from the overall 80% cap on spending eligible for film and TV tax relief. 

Animation Tax Relief Increased to 39%

One less-reported aspect of the Chancellor's Spring budget was an increase in the tax relief granted by HMRC for UK animation to a generous 39%. 

This new expanded tax break appears to be in response to lobbying by the UK Creative industries, who have argued that the UK tax credit encourages animation production, and nurtures domestic talent and creativity.

Here at Escape Studios we are delighted that the Government is supporting the UK animation industry, and we welcome the news, which will surely boost UK animation production, and create a jobs pipeline for animation graduates in the UK. 

Tax Breaks Bring Boost for UK Animation

The British Film Institute recently released some new data showing the big impact that UK Govt tax relief has had on animation production here in the UK over the last few years.

Tax relief has been a big success, and has led to a big increase in animation production. As a result, despite the tax cuts, the Treasury is collecting more tax, not less, thanks to the increase in overall business.

How To Use EIS to Finance Your Animated Film

As we get ready for our evening class in Producing Animation, starting in September, it's important to conside some of the different ways to finance animated film projects.

Anyone who has tried to raise money for a film project (or any project) knows how hard it can be. Yes, you may have a great idea, but finding the money needed to bring it to life is no easy task.

EIS (Enterprise Investment Scheme) is one of the most promising means of securing equity investment. So, what is EIS and how does it work?

Govt Industrial Strategy Highlights Creative Industries - Good News for Our Students

Support for "Creative Industries"

Theresa May's Government recently released an Industrial Strategy that highlights a number of sectors that they believe will lead to new jobs and growth in the future.

Among these are listed the creative industries, suggesting that our Government will continue to offer support to the business of - among other things - animation, games and visual effects.

Should Freelance Animators Be Sole Traders or Limited Companies?

Part of the experience of studying 3D Animation on our new undergraduate courses will be learning not just about animation but about the business of animation. We want our graduates tohave a proper understanding of how the industry works, so that they can set up their own businesses, be entrepreneurs, and help engineer the future of the industry.

As a freelance animator, considering whether to set up a Limited Company or become a Sole Trader can be a tricky decision. There are many things to think about when identifying which route would be right for you.  So, what is the difference, and which route is best?