Film entrprises which in the past made the most of third-party tax advantages will still be able to do so, chancellor Gordon Brown has just announced.
That said, the terms under which films will be able to use the film tax relief - usually paid to third parties - have been changed.
Only films with a budget of less than £15m will now be entitled to the tax break.
Moreover, any tax breaks which in the past could be offset against other payments for third parties, will now have to be paid direct to the film makers themselves.
Brown said there had been calls for the tax loophole to be closed altogether, as it was being abused by a small minority of people, but he has since decided that was not the route to take.
In order to claim the 20% film tax relief, the film makers' accountants will be required to register the scheme will tax authorities.
It is still not clear, however, whether the relief is being applied as income tax relief or corporation tax relief, given the shift of focus from individual benefits to the film makers.IFAonline
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