New film tax credit out this week
The government will this week unveil its new film tax credit aimed at boosting UK productions following the furore created over the closure of a loophole earlier this year.
Following months of negotiations with the film industry, a new version of section 48, the tax code which provides relief for British film-makers will be rubber stamped on Tuesday, according to The Guardian.
The paper reports that from 2006, UK films costing up to £20m can claim back 20% of their budgets through the new arrangement – meaning an extra £4m of funding.
Some filmmakers claimed the sudden closure of a partnership loophole in February this year caused their productions to close down – the loophole was closed by the Inland Revenue, following what it called significant abuses.