THE UK FILM tax relief system was used by Disney to claim a £22.4m rebate for producing Thor: The Dark World.
The movie, which was filmed primarily around London and at Pinewood Shepperton Studios, was able to claim the relief by spending more than 20% of the film’s total budget in the UK, reports the BBC.
Its total budget was $235m (£137m), and made $645m at the world-wide box office.
While film tax reliefs have proved controversial, due to abuse, they have also been popular. The government extended the relief, and simplified its offering, in the latest Finance Act.
The change sees the proportion of production obliged to take place in the UK drop to 10%, from 25%.
Andrew Tyrie suggests there will not be enough time to implement Making Tax Digital (MTD) by April 2018
The ACCA has announced a partnership with UK research and development tax reclaim specialist RD Tax Solutions
The tax HMRC expects is underpaid by large companies through “transfer pricing” has risen by 60%
The chancellor has “missed an opportunity” to restore business confidence and encourage UK investment, said Mazars