The capital’s TV and animation industries are expected to enjoy more than £200m of new business after Mayor Boris Johnson agreed to fund the promotion of a new government tax relief for the sectors.
The relief scheme came into effect last month and allows productions certified by the Department of Culture, Media & Sport to receive tax benefits in return for being based in the UK.
London has already benefited from a similar concession for film productions, thanks to the work of film promotion agency Film London which works with studios, local boroughs, businesses and key stakeholders to promote the capital as a film location and to facilitate the needs of productions.
Over the past ten years the agency’s work has transformed the capital into the world’s third largest film production base, securing £110m of investment each year and supporting more than 2,500 jobs in the sector.
Recent Hollywood blockbusters to film in London include James Bond film Skyfall and Fast & Furious 6, in which the city appears as itself and doubles as Moscow.
To allow Film London to attract equivalent big name productions for the TV and animation sectors, the Mayor has agreed to provide an additional £750,000 of funding over the next three years.
The cash will allow the agency to build long-term relationships with international producers and London studios in the sectors and is expected to generate £200m in new business plus new 1,000 jobs.
Adrian Wootton, Chief Executive of Film London and the British Film Commission said: “Having worked with the Mayor’s office for the last 10 years to transform the capital into a film friendly city, we now welcome the same task for high-end TV and animation.
“With the new fiscal incentives, coupled with investment from the Mayor, the capital has the potential to become a world leader for the production industries, retaining and creating valuable jobs and encouraging new investment to boost the economy.”