UK to get a major new film studio

The UK is known for its strengths in the creative industries. Our television exports reached a record high of £1.4 billion in 2018-9, according to a recent report, and the UK film industry is said to be up to two times more profitable than Hollywood. In 2019, the UK’s creative industries attracted more than £3 billion of inward investment - this is expected to grow over 70% in the next five years.

In a major sign of confidence in our expertise, the UK is to get a major new film studio, located in Reading (where James Cowper Kreston has an office). The £150 million investment by Blackhall Studios will employ up to 3,000 people, including 1,500 directly on site, and will contribute more than £500 million to the British economy. It’s hoped that the facility will open in early 2022.

Blackhall Studios is known for producing international successes such as Venom and Jumanji: The Next Level and its clients include Disney, Universal and Sony.

Reasons for the UK’s success include our ability to attract talent from all over the world, the quality of our studios and facilities, our film-friendly locations, tax reliefs and expertise provided by the British Film Commission, as explained by the British Film Institute.

 

Recently Netflix announced they would spend US$ 500 million making over 50 TV shows and films in the UK.

In another development, the UK government announced that it is to offer £65 million in funding for 5G trials in Britain. It includes a new £30 million open competition looking at how 5G can create new opportunities in industries like film and TV.

How we can help

At James Cowper Kreston we work with international production teams to take their visions from script to screen when working in the UK. We provide accounting and taxation services which allow films and other media to be produced in the most tax efficient manner. These services include set visits, contact with local film crews and locations, tax advice and assistance with a BFI application (required for certification as a UK film).

If you are interested in hearing more about what we can offer, please contact us and we will get back to you.