TV producers will face less costs after the government eased administrative
burdens on shows in the
TV production companies would have been forced to keep separate accounting
and tax records for each production they make, and potentially each episode of a
show, under rules devised for the film industry.
KPMG partner David
Nickson welcomed the government’s change of stance, announced in the Budget,
allowing TV production companies to opt out of the regime.
‘We estimate the additional compliance costs to the industry of these
provisions to be at least £3m per annum. This administrative burden would have
created no benefit to the industry or the Exchequer. Now TV
production companies will have the opportunity to opt out of the onerous
regime and be taxed in line with other UK businesses,’ said Nickson.
Does Darwin's theory apply to taxation? Colin ponders...
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