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Film production spending soars to record level

Film production spending in the UK surged to record levels last year as Hollywood studios took advantage of tax breaks to shoot movies including the latest instalments of Star Wars and Mission Impossible. According to the British Film Institute, total spending on film production in Britain rose 35% to £1.47bn in 2014, due largely to an influx of money from the US. BFI chief executive Amanda Nevill said the figures showed that the film industry was 'a sector alive with opportunity and energy, where creativity and fiscal policy is working hand in hand to make the UK the most exciting place on the planet to do business'. One of the chief attractions of the UK is its film tax relief, which permits production companies to reclaim up to 25% of their UK expenditure. Some 36 international films made the UK their production base in 2014, many of them shooting scenes at Pinewood Shepperton's Buckinghamshire studios. Inward investment, which accounts for the majority of film production spending, jumped 40% to £1.23bn in 2014.

 

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