Budget: Film tax relief still undefined

According to the Regulatory Impact Assessment for Reform of Film Tax Incentives published today by HMRC, the delay in making public specific guidance on the new regime is to do with accounting periods and EU rules on state aid, which the relief is defined as. Theoretically, films starting photography from 1 April, when the new regime comes into effect, would not be able to produce statutory returns for nine months thereafter, which effectively means the accounting period for which those returns are applicable could be up to 12 months after that. “Draft public guidance on the operation...