TaxCorporate TaxStruggling film industry needs tax breaks

Struggling film industry needs tax breaks

The British film industry faces crippling competition unless tax breaks are extended to films costing more than £15m, accountants have warned.

Link: Tax review for British film industry

The government’s policy to support the film industry allows film producers and investors to claim 100% tax relief provided their films cost less than £15m.

The ICAEW has called for the limit to be ‘substantially raised’ to help British films to ‘compete on a world stage rather than just produce what are generally low-budget British films’.

The Treasury said it would keep issues under review, but added: ‘If we thought the limit should be higher, we would have set it higher’.

The warning comes as the London Film Festival, which ends today, is showing some 200 non-blockbuster films including Meera Syal’s latest cinema outing Anita and Me.

The festival believes it would benefit from a tax relief boost to the film industry, but was unable to quantify exactly the average budget of its featured films.

To prevent TV companies using the tax breaks to finance soaps, the scheme only applies to films made for cinema.

Related Articles

Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

2m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

2m Alia Shoaib, Reporter
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

3m Austin Clark, Reporter
How to educate your clients about tax avoidance

Corporate Tax How to educate your clients about tax avoidance

3m Clear Books | Sponsored
CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

Corporate Tax CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

3m Austin Clark, Reporter
‘Google tax’ nets HMRC £281m

Corporate Tax ‘Google tax’ nets HMRC £281m

3m Emma Smith, Managing Editor
Should I incorporate my buy-to-let business?

Corporate Tax Should I incorporate my buy-to-let business?

4m Emma Rawson