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HMRC need to rethink their policy on film tax schemes
KEY POINTS
- The success of an initially simple investment designed to encourage and support the British film industry bred further complications.
- Increasing success and international involvement meant that film tax structures became less flexible.
- Complex schemes resulted in lengthy documentation that was difficult to understand.
- Film investors now face attack from HMRC on several fronts: denial of relief; follower and advance payment notices; unwelcome media attention; and additional costs in defending their positions.
- It is time for a constructive debate to take place to enable sensible settlements to be achieved.
As Lewis Carroll wrote in Alice’s Adventures in Wonderland “‘It was much pleasanter at home ’ thought poor Alice ‘when one wasn’t always growing larger and smaller and being ordered about by mice and rabbits. I almost wish...
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