Tax breaks to attract Hollywood to Britain
August 8 , 2013
Top Hollywood filmmakers are now being attracted to Britain. The director of the British Film Institute's Film Fund said this is benefiting the economy of the country.
Filmmakers who choose to work in the United Kingdom end up receiving back a substantial percentage of money spent on the making of their movies. Ben Roberts, who is the head for distributing film funding in the U.K. said this is good economic sense.
Roberts said "the tax relief costs the treasury about £150 million a year, but in terms of GDP, it contributes £12 to every pound spent, so it feels like a good deal." This deal also helps Britain to promote tourism since the movies that show the country attract 10 percent of tourists to Britain.
Despite the hits on the box office over the past year in Britain, the country continues to rely on tax breaks.