UK film and TV industry saved by £500 million government-backed Production Restart Scheme
Posted on 19th August 2020
It's arguable that the entertainment industry was one of the hardest hit industries by the coronavirus pandemic not only in the UK, but globally, with millions of people losing their jobs - their livelihoods - almost overnight back in March 2020 when the lockdown was first imposed.
As most people have now been able to return to work with safety measures in place, some industries are starting to pick up again. In hospitality we have the Eat Out to Help Out scheme for example, which has proven extremely popular the past couple of weeks.
According to gov.uk, the film and television production industry supports more than 180,000 jobs and contributes more than £12 billion to the economy annually in the UK, so it's no doubt a massive relief that the government has stepped up to provide help. This scheme has come as part of the £1.57 billion Culture Recovery Fund, which is the Government’s biggest ever one-off investment in the UK arts and culture industry.
So what does the Film and TV Production Restart Scheme entail?
The government has said it will give a £500 million grant to UK film and TV productions who have been affected by coronavirus. This will enable eligible productions to take advantage of the scheme and potentially make back any money lost thanks to cast member and crew coronavirus-related illnesses, as well as any filming disruptions.
Rishi Sunak said: “This targeted scheme, which will help fill the gap created by the lack of available insurance, will help protect tens of thousands of jobs, from actors and directors through to camera operators, costume designers, and runners. The sector is worth over £12 billion to the UK’s economy, so it’s right that we do what we can to help them reopen and get back to making the films and shows that we all love.”
Which companies are eligible, and how does it work?
At present, we are still waiting for full details of the scheme and who exactly is eligible, but the good news is that the scheme has been estimated to cover more than 70% of the film and TV production market to the end of 2020.
So far, we know that any production made by companies in which at least half of their production budget is spent in the UK will be eligible for the grant if they did not have adequate insurance to get back up and running, and it will be possible to back date any future claims for eligible losses to the date the scheme was announced - 28 July 2020.
Details on the eligibility process and claims system will be provided in the coming weeks, according to gov.uk.
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Written by
Nicola J Sorrell -
Effective Accounting
Founder | Xero Champion | IR35 Expert
Tagged as: Coronavirus
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