On Tuesday 4 April, our members gathered for a morning event with CMS Law to learn about Film and TV Tax Reliefs.
The session was wide-ranging and covered the different tax reliefs on offer, eligibility, and how to apply. You can scroll below to see all our live-tweets from the morning. If the tweets aren’t showing up straight away, please refresh the page.
We’re all set for our morning event on Film & Television Tax Relief with @CMS_law. Follow #DUKTax for the live tweets! pic.twitter.com/gObRQKzSdn
— Directors UK (@Directors_UK) April 2, 2019
And we’re off! Today we’ll be hearing from industry experts Laurel O’Dell and Rebekah Hayes. #DUKTax
— Directors UK (@Directors_UK) April 2, 2019
Laurel: In the UK there are now 8 corporation tax reliefs available to the creative industries. The first, the Film Tax Relief, was so successful that HMRC went on to introduce the others. #DUKTax
— Directors UK (@Directors_UK) April 2, 2019
Tax relief can only be claimed by a production company which is subject to UK corporation tax. The production company must be actively engaged in production planning and decision making. #DUKTax
— Directors UK (@Directors_UK) April 2, 2019
Film & TV programmes must meet the minimum spend amount, be intended for Broadcast or theatrical release, and pass the relevant “cultural test”. More on that later...#DUKTax
— Directors UK (@Directors_UK) April 2, 2019
A finance plan based on theatrical release, a suitable format for theatrical release and payment at the proper industry rate for crew can all help prove that a project is intended for theatrical release when applying for film tax relief. #DUKTax
— Directors UK (@Directors_UK) April 2, 2019
To qualify for relief, at least 10% of the core expenditure must be UK expenditure. #DUKTax
— Directors UK (@Directors_UK) April 2, 2019
Core expenditure refers to pre-production, principal photography and post. It excludes development and distribution costs + the costs of raising finance. #DUKTax
— Directors UK (@Directors_UK) April 2, 2019
To qualify for relief under the “cultural test”, a film or TV programme must involve British or European subject matter, show contribution to British/European cultural diversity, and use British/European personnel and cultural hubs. #DUKTax
— Directors UK (@Directors_UK) April 2, 2019
The BFI is responsible for assessing and processing applications for “cultural test” qualification for tax relief. #DUKTax
— Directors UK (@Directors_UK) April 2, 2019
Now it’s time for questions from the audience. #DUKTax
— Directors UK (@Directors_UK) April 2, 2019
A member asks about timing your application. #DUKTax
— Directors UK (@Directors_UK) April 2, 2019
Rebekah: Apply as soon as you have everything you need to submit your application, just in case there are any potential delays. #DUKTax
— Directors UK (@Directors_UK) April 2, 2019
A member asks about the requirements for meeting growth plans in the company - which aren’t relevant to the film industry. #DUKTax
— Directors UK (@Directors_UK) April 2, 2019
Rebekah agrees that it’s an issue, as those assessing applications might not be sufficiently aware of the distinction between film applications and others. A lot of people are lobbying to improve this. #DUKTax
— Directors UK (@Directors_UK) April 2, 2019
We discuss how there is a gap for tax relief for non high-end TV, ie. independent documentaries that may not receive theatrical release. #DUKTax
— Directors UK (@Directors_UK) April 2, 2019
A member asks about minimum spend requirements. Laurel and Rebekah explain that it’s £1m for an hour of high-end TV, and there is none for film (barring the 10% UK core spend). #DUKTax
— Directors UK (@Directors_UK) April 2, 2019
A member asks about minimum spend requirements. Laurel and Rebekah explain that it’s £1m for an hour of high-end TV, and there is none for film (barring the 10% UK core spend). #DUKTax
— Directors UK (@Directors_UK) April 2, 2019
Rebekah explains that you could qualify for tax relief in two locations - but this only really makes sense if you want/need to use locations and crew from both. #DUKTax
— Directors UK (@Directors_UK) April 2, 2019
And that’s a wrap! Thank so much to Rebekah and Laurel for a fascinating morning - plenty of numbers to crunch and opportunities to explore! #DUKTax
— Directors UK (@Directors_UK) April 2, 2019
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