Figures released today show that only 27 UK films began shooting in 2004 against 45 the previous year.
The government has been heavily criticised for cracking down on the so-called of abuse of schemes known as section 42 and 48. The last reform came during the chancellor’s pre-Budget report, which took steps to halt ‘double dipping’, or the use of the schemes to win tax advantages twice on the same production.
Despite the figures, produced by Screen International magazine, the British Film Council said the downturn was expected because 2003 had been such a bumper year.
Section 48, designed to provide tax relief on films budgeted at under £15m, is due to expire this year and be replaced by an as yet undisclosed tax credit.
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal
UK senior partner Phil Verity has been elected for a second term at Mazars