Osborne Unveils Drama Tax Break

High budget British dramas could be given tax breaks in a bid to stop film productions moving abroad.
Speaking ahead of the upcoming budget Chancellor George Osborne is making moves to protect British television dramas and it is thought that he will announce a consultation on the tax break in the budget next week.
If approved Downton Abbey and other high budget British television dramas could be given tax breaks, of tens of millions of pounds a year.
This news follows a lobbying campaign by drama production companies, which are increasingly filming abroad to take advantage of lower tax rates in countries ranging from Canada to Ireland.
Downton Abbey for example films in Britain but ITV's highly anticipated Titanic has been mainly produced in Canada and Hungary taking advantage of their tax breaks.
The move to help "cinematic television dramas" – those that cost at least £1m an hour to film – would be modelled on the film tax relief which saved Britain's £4bn film industry £100m in 2009 and will see homegrown TV productions given discounts of between 20 and 25% on their corporation tax bill.
(LB)