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15 Jan 2007
International film producers flocked to the UK last year ahead of the government's new tax credit system for the film industry.
Spending on movie production in the UK climbed 48% to £840m in 2006, as films such as Harry Potter and the Order of the Phoenix and the Bourne Ultimatum chose to shoot in the UK.
The FT reports that UK film production peaked at £1.16bn in 2003, but fell 30% in 2004 after the tax regime for films was criticised for opening an avoidance loophole for wealthy investors.
The new scheme has improved sentiment in the UK system, and producers are starting to favour the UK as a production venue once again.
Under the new rules a film does not have to be shot entirely in the UK to qualify for the relief. Instead, it will be judged using a points system that will evaluate whether the leading characters are British, whether the setting is in Britain and whether it promotes British culture.
Further reading:
EU demands tougher tests for UK film tax reliefs
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