The new rules, which came into effect on Tuesday, were described by Primarolo as undermining ‘the true purpose of tax relief’. She said the government was ‘determined to take all appropriate action to counter them’.
But Daniel Taylor of Grosvenor Park, a financier involved in film partnerships, told the FT that it ‘now has between 15 and 20 films very near to principal photography that could now collapse’.
He went on to describe the slamming shut of the loophole as ‘literally a death blow’ to the UK film industry.
The UK film council is set to meet with the Treasury today to discuss the implications of the change in legislation.
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Government's estimate of a £400m admin saving from Making Tax Digital is way off - and is instead a huge cost burden, warns Lamont Pridmore chief executive Graham Lamont
HMRC is continuing to ramp up the number of raids on premises it carries out as part of criminal investigations, searching 761 properties in the last year