Disney has been given a £8M tax break by HMRC to make the next Star Wars film in Britain (Star Wars: Episode VII). The tax break is as a result of the tax credit scheme, which entitles films with costs of more than £20M to claim back up to 20% of production costs.
How ironic that dog whistle politicans have been bleating about the "evils" of tax avoidance schemes relating to investments in films!
Tax does have to be taxing.
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This should come as no surprise, after all, Disney owns The Muppets!
ReplyDeleteNot entirely sure this is down to HMRC ..... seem to remember the chancellor taking the credit for this when it was announced
ReplyDeleteI'm a little bit surprised that you havent picked up on the connection between HMRC and the scandal of Tesco overstating their profits by £250 million. HMRC uses a concept known as Future Revenue Benefit to grossly inflate the yield figures it reports from compliance work. Is it a coincidence that Sir Richard Broadbent was chairman of HMC&E when this concept was introduced and he is now chairman of Tesco? Somehow, I think not.
ReplyDeleteAre you referring to the same concept as that of 'revenue protected'?
ReplyDelete