PBR: Freeze frame for films

Commenting on the implications of the Pre-Budget Report for the film industry, Michael Avient, tax partner at international accountancy firm Mazars and an expert on film finance said:

"The Pre-Budget Report will generally be welcomed by the film industry. This is not because any new relief has been announced, but the government has decided not to meddle further with the position as it now stands. Legislation has been introduced to target specific schemes which utilise the prepayment of interest but it is understood such schemes have invested in US rather than UK films."

He continued: "The pre-budget has provided a welcome breather for the film industry which has been subject to an unprecedented volume of legislation and announcements over the past years. Hopefully no further changes will be announced before the Budget in March. This should allow the financing of current projects to proceed without concern of further changes in the short term"