Overview

• The UK Culture, Media & Sport Committee has formally recommended a 5% levy on streaming services' UK subscriber revenues to fund domestic high-end TV and film production.
• The committee warns that without intervention, distinctly British stories face being sidelined due to rising production costs and reduced budgets for public service broadcasters.
• The report also calls for enhanced tax incentives and regular benchmarking of UK tax credits against international standards to maintain competitiveness in the global market.
• Streaming platforms like Netflix have criticized the levy, arguing it would harm competitiveness and result in increased costs for consumers.
• Government officials, including Chris Bryant, have stated there are currently no plans to introduce the proposed levy, reflecting ongoing industry debate.