The Autumn Statement contains some good news for UK film production, to be introduced in next year's Finance Act (with effect from 1 April 2014):
2.88 Corporation tax: film tax relief – The government
will make relief available at 25% on
the first £20 million of qualifying production expenditure,
and 20% thereafter, for small and
large budget films from April 2014, subject to state aid
clearance. The government will also
reduce the minimum UK expenditure requirement from 25% to 10%, and
will modernise the
cultural test. The government will seek state aid clearance to
increase the rate of relief to 25%
for all qualifying expenditure when renotifying film tax relief in
2015. (Finance Bill 2014)
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