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Karel Bata


333 Posts
Posted - 12 Aug 2006 :  3:42:11 PM  Show Profile  Visit Karel Bata's Homepage Send Karel Bata a Private Message  Reply with Quote

    After much consultation and lobbying from the film industry, the Government has announced certain key changes to the proposed film tax credit relief which appears to be very good news for the film industry.

    To be welcomed is a continued crackdown on structures which are perceived to be exploiting the existing film tax reliefs, often making films never really intended for exhibition.

    What is proposed is a benefit of at least 20% of qualifying production costs for small budget films and a 16% benefit for large budget films.

    These levels of benefit are achieved by allowing an "enhanced deduction" of 100% and a "payable cash element" of 25% for small budget films and an "enhanced deduction" of 80% and a "payable cash element" of 20% for large budget films.

    Adam P Davies has written an excellent article on these new film tax reliefs for Netribution here The new Tax Relief System for British Films (you may need to log in, but it's worth it)

    And here's the relevant UK Film Council page: British Films and Tax Relief

    And of course The Inland revenue

    I still can't fully get my head 'round the idea of the Inland Revenue giving me money to make a film!

    Any comments folks?

ukfilm



111 Posts
Posted - 25 Nov 2006 :  7:42:25 PM  Show Profile Send ukfilm a Private Message  Reply with Quote

    The European Commission has finally approved the UK’s new tax credits for film production.

      - For films that cost up to £20 million, the Film Production Company (FPC) will be able to claim an enhanced deduction of 100% with a payable cash element of 25% of UK qualifying film production expenditure.

      - For films that cost over £20 million, the FPC will be able to claim an enhanced deduction of 80% with a payable cash element of 20% of UK qualifying film production expenditure.

      - The minimum UK spend threshold for qualifying films will be set at 25%.

      - The Cultural Test will determine whether films can qualify for the new system of tax relief should come into force on 1 January 2007and has been revised in line with the European Commission’s State Aid requirements. There are four sections in the test, which together measure the extent of a film’s British cultural character. Film-makers will be awarded points in each of the categories and must score a minimum of 16 points out of a possible 31 to pass the test. Further information is available on the DCMS website.

      - Section 42 relief for films has today been extended until 31 December. This is to ensure that there is no gap in the provision of film tax incentives pending the full implementation of the new regime from 1 January 2007.
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ukfilm



111 Posts
Posted - 12 Jun 2008 :  6:15:09 PM  Show Profile Send ukfilm a Private Message  Reply with Quote

The Culture Test is now "the prerogative of HMRC and not DCMS".

But try finding it on their website!

The UK Film Council are more obliging: http://www.ukfilmcouncil.org.uk/media/pdf/a/l/14_3_08_Cultural_Test_guidance.pdf
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Karel Bata



333 Posts
Posted - 26 Nov 2008 :  3:57:48 PM  Show Profile  Visit Karel Bata's Homepage Send Karel Bata a Private Message  Reply with Quote

    I went to a very interesting seminar about this given by Nyman Libson Paul who have some info posted here.

    Recently the qualifying rules for what makes a British Film have changed and involve a new cultural test. This is actually very flexible and most British films would squeeze in.

    Of interest might also be the Inland Revenue Film Production Company Manual (though it does not aim to compete with Raindance! ) and this link here which gives an overview, but may not incorporate the latest changes.

    There is no lower limit for a film to qualify. A very low budget film can probably make a deal with an accountant for about £2k.
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ukfilm



111 Posts
Posted - 28 Nov 2008 :  10:22:08 AM  Show Profile Send ukfilm a Private Message  Reply with Quote

    In the September issue of New Producer's Alliiance magazine Dave Morrison from Accountants Nyman Libson Paul tales a look at some of the things you should be aware of...
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