Today (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.

Delivering Labour’s first Budget since coming to power in the July general election, Rachel Reeves announced that 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. This had been proposed by the previous government in March 2024, but the early election meant that the uplift was not implemented, News Today leading to an anxious wait for the UK’s VFX community.