Last year is said to have been the best year for British cinema since the 1970s for UK based and part owned productions.
2018 is also expected to be the best year for British box office since 1971 with Avengers: Infinity War, Mamma Mia! Here We Go Again, Incredibles 2, Black Panther, Bohemian Rhapsody, Jurassic World: Fallen Kingdom, Peter Rabbit and The Greatest Showman breaking £40 million at the box office.
Last year, almost 300 films and TV shows and a further 2,000 theatre productions, including festive pantomimes, claimed tax relief.
The Chief Executive of the British Film Institute, Amanda Nevill, said: "The government’s screen sector tax reliefs play a vital role in enabling our film and television industries to work on a global stage and do what they do best – creating world-class film and television, generating thousands of jobs for talented people working in front of and behind the camera.
"UK-made films and television productions are a vibrant part of our storytelling culture, celebrated by audiences at home and abroad and showcase UK creative excellence to the world."
The UK’s creative industries made a record contribution to the economy in 2017 growing to over £100bn.
Britain’s world-leading creative industries benefited from over £850 million of support through this HM Treasury scheme in the last year. Since its introduction, 2,420 films, 530 TV productions and 480 videogames have benefited from the tax reliefs.
British films like Bohemian Rhapsody, Fantastic Beasts: The Crimes of Grindelwald, and Mamma Mia! Here We Go Again garnered positive audience reviews and collectively grossed more than $1.5 billion in the Box Office worldwide.
Small independent films like The Wife, Three Identical Strangers and At Eternity's Gate performed well in the Specialty Box Office, screening in a limited number of theaters.
Financial Secretary to the Treasury, Mel Stride MP, said: "Original British productions deserve our support. They not only make a valuable cultural contribution to the UK, they are also a crucial part of our economy.
"Thanks to your support our industry has gone from strength to strength and is giving Hollywood and Bollywood a run for their money.
"The TV guides and festive calendars this Christmas are another reminder of our booming creative industries which, with the backing of the Treasury, will continue to grow in 2019."
The highest grossing British film series' of all time are Harry Potter and James Bond.