Tax crackdown hits UK films

Profits have been hit and films put on hold by a crackdown on film tax
breaks, it emerged today.

Pinewood Shepperton, the listed UK film company, reported operating profits
had dropped from £6.6m last year to £1.6m this year, on the back of difficulties
over the tax regime.

Film investment had halved, the firm said, with films provisionally booked
not getting to the next stage.

The tax incentives for films were regarded as open to abuse through so-called
‘double-dipping,’ leading to changes earlier this year. 

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