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17/02/2004

UK film production finance hit by shock changes in tax rules

Bectu is in talks with film producers about the impact of a shock change in tax rules.
The change, which plugs an equity loophole widely used by filmmakers and made by the Inland Revenue "with immediate effect" on February 10, could cut funding for features already in production, as well as future projects.
Producers of ‘The Libertine’ have warned that they may have to lay off freelance crew, and several other films could follow suite.
Since the announcement, union officials have been in close contact with the UK Film Council, which is coordinating the industry's response to the change.
Bectu's immediate priority is to safeguard jobs on productions where money has already been spent, but the union is also calling for a clear, secure, and supportive tax regime for filmmakers in the longer term.
Members who are directly affected by the tax change are advised to contact the union's freelance section as soon as possible on: 020 7346 0900.
(GB)
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