TaxCorporate TaxUK film industry hopeful of tax deal

UK film industry hopeful of tax deal

The UK film industry hopes to reach a deal with the Inland Revenue this week over tax loopholes that the department slammed shut last Tuesday.

Link: Tax clampdown may scare off Hollywood studios

Some in the industry have claimed the new measures could be the death-knell for British film. But many film-makers including Chris Jones, an independent producer and director, believes the measures will legitimately close some ‘staggering loopholes’, exploited by accountants and business people.

Despite this, in excess of 20 films are under threat because the Revenue has provided no transitional period to allow those projects about to get underway time to find alternative funding arrangements. A Revenue statement said the changes would protect ‘the relief for legitimate film-makers, whilst tackling people [planning to] take advantage of the relief’.

A spokesman for the British Film Council said it had submitted to the Revenue a list of affected films and was ‘sitting with baited breath’ waiting for a decision.

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