Loophole relief unlikely for film-makers
As the film industry continues to lobby over the sudden closure of the tax loophole, reports now suggest last-minute concessions are unlikely to be granted.
A report in The Guardian quoted a Treasury spokesman as saying ‘it would be wrong to raise expectations’. Last week, an exchange in the Lords, suggested Brown may consider some sort of concession.
Representative body the Film Council said it had already sent letters to both the paymaster general and the chancellor seeking meetings to discuss the issue, but to date has had no response from either.
Film financier Ingenious claim films like Tulip Fever (set to star Jude Law, but currently in limbo) which it part-financed using its Fast Track scheme have been unfairly lumped together with projects that use the loophole as a tax dodge, and should be excluded.
Gordon Brown is expected to announce a successor to the existing Section 48 relief for low-budget films in Wednesday’s speech.