TaxPersonal TaxTax breaks for films have short shelf life

Tax breaks for films have short shelf life

Government plans to offer tax breaks to encourage film production in the UK faced the cutting room floor this week following European Union proposals to end ‘unfair’ tax competition between member countries.

The chancellor, keen to boost the film industry, had considered raising the #15m ceiling below which companies can write off the cost of film production against tax. But Gordon Brown was preparing to sign proposals calling for greater co-ordination between member states over industry tax breaks.

Earlier this month, the government published a report from the creative industry taskforce. It boasted that the sector, which has backed successful UK films such as ‘Lock Stock and Two Smoking Barrels’, contributes #60bn a year to the economy.

The Film Finance Forum, a new government-sponsored film body, met earlier this week to forge closer links between film companies and the City.

Members include finance directors from leading film companies such as Polygram Filmed Entertainment and Miramax & Hal films.

Related Articles

HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

1w Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2w Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

2m Alia Shoaib, Reporter
HMRC tax evasion assistance requests double in five years

Corporate Tax HMRC tax evasion assistance requests double in five years

4m Emma Smith, Managing Editor
Rangers tax case to have ‘dramatic’ consequences for football and business

Legal Rangers tax case to have ‘dramatic’ consequences for football and business

4m Emma Smith, Managing Editor
Italy grants first successful non-dom status application to former UK non-dom

Personal Tax Italy grants first successful non-dom status application to former UK non-dom

3m Emma Smith, Managing Editor
Industry reaction: Taylor Review does not go far enough in addressing tax issues

Legal Industry reaction: Taylor Review does not go far enough in addressing tax issues

3m Alia Shoaib, Reporter
Does the Taylor Review sufficiently address the gig economy?

Corporate Tax Does the Taylor Review sufficiently address the gig economy?

3m Alia Shoaib, Reporter