Budget 2004: Tax relief for British films
28 August 2012
A new tax credit giving 20 per cent tax relief to British films was announced by the Chancellor in this year’s Budget speech, and there has been a mixed reaction to the news.
The new credit will apply to British films costing up to £15 million and will replace the 15 per cent tax relief currently received under Section 48 relief, which expires on 1 July 2005.
The relief will be based on production expenditure that can either be offset against profits or surrendered to the Treasury for a cash payment. The government hopes this will...