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| EXPLANATORY NOTE CLAUSE 57:EXPENDITURE ON FILM PRODUCTION AND ACQUISITION SUMMARY This Clause extends the existing tax relief for film expenditure by two more years. The relief allows the production and acquisition costs of British qualifying films with budgets of £15 million or less to be written off when the film is completed. It currently applies to expenditure incurred between 2 July 1997 and 1 July 2000 and this Clause will extend it to 1 July 2002. ___________________ DETAILS OF CLAUSE The clause substitutes the date "2 July 2002" for "2 July 2000" in sub-section (2)(a) of section 48 of the Finance (No 2) Act 1997. _______________________ BACKGROUND
3. The Clause implements a change announced by the then Paymaster General on 25th March 1998. His announcement was made in response to a recommendation by the Film Policy Review Group and was made then to enable industry to plan ahead. The Clause extends the relief for 2 years, until 1 July 2002. |
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