Film Tax credits called for Childrens TV by House of Lords
January 28, 2010
The House of Lords have called for film tax credits to be extended to amongst others, childrens TV.
It’s being suggested that the minimum 18% tax relief for UK films is to be applied to all children’s and animated television productions on a pilot basis.
An Excerpt..
336. Given the problems faced by independent film makers in raising finance for their projects, particularly in the current recession, we recommend that the Government should consider raising the net rate of film tax relief for productions under £5m to 30 per cent. (para 78)
337. We acknowledge that there would be a benefit to producers from a change to the “used or consumed” provisions, to extend the tax credit to production expenditure overseas, and the low cost of this change. We recommend that the salaries of personnel employed on a film should be considered eligible costs whether they are working in the UK or on location overseas so long as the personnel are paid and taxed in the UK. (para 83)
338. We recognise the claims of the videogames industry for support in the face of foreign government-subsidised competition, and recommend that the Government consider providing tax incentives for videogames production. (para 88)
339. Given the difficulties of financing independent British films, particularly following the withdrawal of banks from film financing, we recommend that the Government should look at ways of facilitating greater British private investment in film production. This would need to be done in a way that ensured that the private investment was genuine and not simply a means of tax avoidance. (para 93)
The summary of recommendations can be found on this link www.parliment.uk
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