Pictureville: UK Film Tax Credit scheme is sound, argues BFI's Nevill

UK Film Tax Credit scheme is sound, argues BFI's Nevill

The British Film Institute (BFI) is seeking to reassure international film producers that the UK Film Tax Credit scheme offers a stable way to finance movies. The BFI is responding to press reports that suggested certain types of film investment schemes were being used for the mitigation of investors? tax liabilities. On 21 June The Times newspaper ran a story called: ?Screen play: How movie millions are moved offshore.?
The BFI is emphatic that Film Tax Relief, introduced in 2007, is fully approved by HMRC and vital to the health of the UK film industry. A statement issued by the BFI said: ?It is a critical factor in attracting around ?1 billion in inward investment into British film per annum, at an estimated annual cost to the Treasury of around ?14m. The tax relief also supports UK film production as a whole, such that the industry annually makes a contribution of ?3.3 billion to UK GDP, supports 62,000 jobs and directly contributes over ?440 million in tax revenues.? BFI chief executive Amanda Nevil said: ?It is vital we distinguish between Government-approved tax reliefs, such as the Film Tax Relief and the Enterprise Investment Scheme on the one hand, and tax schemes which have nothing to do with those statutory reliefs and just happen to use film as a vehicle for minimising the tax contributions of individuals, on the other,? Adrian Wootton, chief executive of Film London and the British Film Commission, also issued a statement. ?It is vital to underline the fundamental difference between those schemes that fall outside of any specific legislative framework and the UK Film Tax Relief which was specifically established by the Government to help film-makers finance culturally British films, as well as other statutory interventions such as the Enterprise Investment Scheme (EIS) which are designed to enable investors to reduce risk,? he said. ?The British Government has clearly stated its support of both the UK Film Tax Relief and the Enterprise Investment Scheme, both of which have also received European State Aid approval, and there should be absolutely no concern from international producers on this matter.?

Source: http://www.pictureville.net/2012/07/uk-film-tax-credit-scheme-is-sound.html

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