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New UK Tax Credit
19 Mar 2004 :
UK Film Council welcomes announcement of new tax credit to support future film production following expiry of Section 48.

Commitment to discuss extension of new relief to boost distribution of British films "a significant step forward".

Sir Alan Parker CBE, Chairman of the UK Film Council, today welcomed the announcement of a new tax credit to support new UK films up to a budget of £15 million, to be introduced following the expiry of current film tax relief Section 48 in July 2005. The new tax credit will not be time limited.

Sir Alan also said that the Chancellor's commitment to consider the scope for the new relief to improve the proportion of British films produced being distributed was "a significant step forward in tackling the key issue facing the UK film industry".

Speaking after the Chancellor's announcement Sir Alan said: "The UK film industry makes a major contribution to our economic and cultural life, and the announcement of the new tax credit to support future UK film production will provide much needed certainty for the future with the benefit going direct to filmmakers.

"Limited distribution has traditionally prevented many people in the UK and abroad from seeing new UK films. The commitment to look at how the new credit might get more new British films into more cinemas is a significant step forward in tackling the key issue facing the UK film industry.

"Extending the scope of the new tax credit to distribution would provide a major boost to the UK film industry, helping to ensure that many more people get the chance to see British films both at home and abroad, and we look forward to discussing with Government how we can make that happen."





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