Revenue warns UK film industry
The Inland Revenue has hauled in about 20 members of the film industry to warn them of the severe consequences they will face if the 'exploitation' of tax-relief schemes does not stop immediately.
The dressing down followed a clampdown on the film industry in February, when chancellor Gordon Brown brought in measures to curb the exploitation of film financing.
Jonathan Ivinson, head of tax at law firm Hogan & Hartson, said: ‘A clampdown will mean a substantial drop in film funding in this country.
‘The film industry is pretty mobile, and tax incentives do increasingly play a significant role in determining where a picture gets made,’ said Ivinson.