The UK film industry is sweating, with at least one major productions already suspended, as it awaits a decision from the Inland Revenue on whether or not to allow a transitional period before scrapping tax breaks.
Link: UK film industry threatened by tax clampdown
The Film Council, the British Screen Advisory Council (BSAC) and the Producers Alliance for Film and Television (PACT) have already met with the Revenue to ask for a transitional period to be introduced, before the loophole is closed, to protect films currently in production or about to be made.
A spokesperson for the Film Council told AccountancyAge.com: ‘We put our case for a transitional period to the Revenue, but are still waiting for them to get back to us.’
Already one production Tulip Fever, starring Jude Law, which was due to start filming in April, has been suspended while another The Libertine, with Johnny Depp is in jeopardy. As many as 40 films could be affected.
A spokesman for the Revenue could not say how close it was to making a decision.
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