Film tax incentives announced in last week’s Budget should turn around the
fortunes of Pinewood Shepperton, the renowned UK studio has announced.
The company saw a massive drop in profits from £6.4m in 2004, to just
£571,000 in 2005, despite it being used to make such films as the Da Vinci
Code and Basic Instinct 2.
Uncertainty over the system of tax relief was blamed for a large part of this
fall, with many producers unwilling to come to the UK after the Treasury
announced last year that the system would be changed to prevent abuse.
Last week’s Budget unveiled a simpler system of tax breaks, meaning films
costing less than £320m will receive a 20% tax credit while those over £20m will
Pinewood chief executive, Ian Dunleavy, said the announcement has ‘given more
clarity to the situation’, according to The Daily Telegraph.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
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