Magazine article Screen International

BFI Reassures Industry about UK's Film Tax Schemes after Times Scandal Story

Magazine article Screen International

BFI Reassures Industry about UK's Film Tax Schemes after Times Scandal Story

Article excerpt

In a letter to the Editor of The Times, the British Film Institute has sought to reassure international producers that the UK Film Tax Credit is both stable and safe.

The BFI has also issued a statement on its own website responding to press reports last month that suggested certain types of film investment schemes were being used for the mitigation of investors' tax liabilities.

"It is vital we distinguish between Government-approved tax reliefs, such as the Film Tax Relief and the Enterprise Investment Scheme on the one hand, and tax schemes which have nothing to do with those statutory reliefs and just happen to use film as a vehicle for minimising the tax contributions of individuals, on the other," BFI Chief Executive Amanda Nevill [pictured] stated.

The BFI is seeking to draw a firm line between the UK Tax Credit and some of the more outlandish film investment schemes that the Times highlighted in its 21st June 'secrets of the tax avoiders story': "Screen play: how movie millions are moved offshore."

BFI sources have confirmed the alarm that the Institute feels over the potential damage that could be done to inward investment in the UK film industry by the ongoing controversy over the tax schemes.

Adrian Wootton, Chief Executive of Film London and the British Film Commission has now issued a statement along similar lines to that of Nevill. "It is vital to underline the fundamental difference between those schemes that fall outside of any specific legislative framework and the UK Film Tax Relief which was specifically established by the Government to help film-makers finance culturally British films, as well as other statutory interventions such as the Enterprise Investment Scheme (EIS) which are designed to enable investors to reduce risk. …

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