The European Commission has notified the UK of its decision not to raise objections to the extension of state aid approval for UK film tax relief until April 2025. The current approval began in April 2015 and is due to expire on 31 March 2020.
The Commission notified the UK government of its decision on 28 January 2020. The public version of the decision is not yet available and will be published on the European Commission state aid website as soon as it has been cleansed of any confidential information. See bit.ly/31y3oHW.
Under the rules for film tax relief, ‘British’ films are entitled to claim either:
a tax deduction of 100% for core qualifying expenditure (up to 80% of a film’s total budget); or
a payable tax credit for 25% of surrendered losses up to the amount of qualifying expenditure.
The European Commission has notified the UK of its decision not to raise objections to the extension of state aid approval for UK film tax relief until April 2025. The current approval began in April 2015 and is due to expire on 31 March 2020.
The Commission notified the UK government of its decision on 28 January 2020. The public version of the decision is not yet available and will be published on the European Commission state aid website as soon as it has been cleansed of any confidential information. See bit.ly/31y3oHW.
Under the rules for film tax relief, ‘British’ films are entitled to claim either:
a tax deduction of 100% for core qualifying expenditure (up to 80% of a film’s total budget); or
a payable tax credit for 25% of surrendered losses up to the amount of qualifying expenditure.
