There was little for the film industry to get excited about in today’s Pre-Budget Report.  Thankfully, there is no further specific anti-avoidance legislation.   There was a small tweak to the film tax credit legislation to remove an anomaly which impacted upon the amount of tax credit available where film production spanned more than one accounting period.   I would like to have seen more extensive changes including extending the film tax credit to expenditure on British talent working abroad and increasing the quantum of relief available for qualifying co-productions.  The existing restriction which limits the available relief to 8O% of the UK co-producer’s qualifying expenditure has resulted in a decline in films being co-produced in the UK.

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  1. Also, it is clear that HMRC’s approach of enquiring into and challenging historic film structures remains and will continue.

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