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New Unit Dealing With Film Tax Relief, Says HMRC

by Amanda Banks, Tax-News.com, London

06 February 2008

HM Revenue and Customs on Tuesday gave details of a new specialist unit now dealing with most claims for Film tax Relief (FTR).

Established on the 1st of January this year, HMRC revealed that the Manchester Film Tax Credit Unit has been dealing with the corporation tax affairs of most companies eligible for FTR.

The exceptions to this, according to the tax authority, are:

  • Cases that are being dealt with by Large Business Service (mainly those which are part of larger groups) which will continue to be dealt with there.
  • Where an enquiry into a claim was already underway before 1 January 2008, the existing office may continue to deal with the company, with specialist advice from the Film Tax Credit Unit.

Companies only making films not entitled to FTR will, of course, continue to be dealt with by their existing offices, HMRC clarified.

A comprehensive report in our Intelligence Report series examining tax-sheltering arrangements for investors, including Venture Capital, Forest Finance, Film Finance, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report5.asp

 

 






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