The film-friendly tax break, which gives a full write-off of expenditure on films under a sale and leaseback arrangement, will be cut on 2 July 2002.
Top level pressure from Department of Culture, Media and Sport officials and the new Film Council failed to persuade Treasury officials to extend the scheme.
A rush of films through production before the deadline is now anticipated. Harry Hicks, Baker Tilly partner and film industry specialist, asked: ‘What good is loudly promoting the UK film industry when its biggest enemy lurks with the Inland Revenue?’
Accountant and film entrepreneur Andrew Tate, whose Evolution Films is funding productions worth £94m, said the scheme did not put in sufficient money.
A spokesman for the Inland Revenue said ministers had yet to decide whether to extend the scheme.
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy