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14/08/2002
TV producers win interim tax relief
The Producers Alliance for Cinema and Television (PACT) has welcomed an amendment to the Finance Bill providing transitional film tax relief for high-end TV productions.
PACT had been lobbying the Treasury to recognise that an immediate withdrawal of the tax relief for TV would seriously threaten many small and medium sized creative businesses.
PACT Chief Executive John McVay commented: "The disqualification of TV projects from tax relief in this year's Budget dealt a severe blow to the TV production sector, and if it had taken immediate effect threatened financial ruin for some of our most creative businesses. PACT welcomes the decision to support those companies who had committed to production in anticipation of tax relief at the time of the Budget.
"Availability of sale and leaseback income to top-up TV budgets has enabled British producers to finance projects with real ambition. PACT will be looking to work with Government to replace the scheme with more appropriate levers for investment. In a global market where our major competitors can draw on generous tax write-offs and subvention schemes, we are losing our pre-eminent position."
(GB)
PACT had been lobbying the Treasury to recognise that an immediate withdrawal of the tax relief for TV would seriously threaten many small and medium sized creative businesses.
PACT Chief Executive John McVay commented: "The disqualification of TV projects from tax relief in this year's Budget dealt a severe blow to the TV production sector, and if it had taken immediate effect threatened financial ruin for some of our most creative businesses. PACT welcomes the decision to support those companies who had committed to production in anticipation of tax relief at the time of the Budget.
"Availability of sale and leaseback income to top-up TV budgets has enabled British producers to finance projects with real ambition. PACT will be looking to work with Government to replace the scheme with more appropriate levers for investment. In a global market where our major competitors can draw on generous tax write-offs and subvention schemes, we are losing our pre-eminent position."
(GB)
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