UK Film Council Statement on HM Treasury Consultation

UK Film Council Statement on HM Treasury Consultation

LONDON, July 29/PRNewswire/ -- Commenting on today's announcement from HM Treasury on proposed new tax incentives for British film production, UK Film Council Chief Executive Officer John Woodward says:

"The consultation proposals represent a totally new approach to tax relief for film.

"The new tax credit system will continue to provide a subsidy for British films but also offers the potential to help build British film businesses by encouraging investment in slates of films rather than single projects.

"The precise value of the new reliefs will be determined by the way in which filmmakers choose to use it. Where they continue to structure their films in the same way as they do now, the level of benefit will broadly be the same. However, the new reliefs will deliver a bigger benefit when the income from a film is reinvested against future film production.

"This marks a totally new beginning for film tax relief and the coming months of the consultation period will be crucial as the detail of the proposal are worked through."

Source: UK Film Council

Contact: Caroline Nagle, Press and Public Affairs Officer, UK Film Council, Tel: +44-(0)20-7861-7508, email: caroline.nagle@ukfilmcouncil.org.uk

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