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[3] [4] In October 2014, HMRC sent "accelerated payment notices" to people who had invested with Ingenious Media, demanding payment of substantial amounts of tax. [5] The tax bill following his investment in the scheme was cited in the subsequent bankruptcy hearings of the former Liverpool and Republic of Ireland footballer, Steve Staunton. [ 6 ]
Tax Law, Taxes Management Act 1970: Enquiries made by HMRC into elections made by members of a film partnership, in respect of the utilisation of losses made by that partnership, were valid where the enquiry was made into the partnership return rather than specifically into the claims made by the individuals. [6]
A partnership, including one in which all partners are companies, files form SA800. The partnership itself does not normally pay income tax, capital gains tax or corporation tax, but is required to provide a Partnership Statement to each partner reporting that partner's share of income and gains.
The incentive — a 53% expenditure credit that equates to a tax relief of approximately 40% for U.K. productions with a budget of up to £15 million ($19.2 …
The British government has provided a boost for the UK film and TV industry by announcing that it is increasing tax breaks and maintaining the qualifying threshold. Jeremy Hunt, the British ...
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Creative Sector Tax Relief is a programme of tax incentives implemented in the United Kingdom in 2012 which encompass new incentives aimed at supporting the animation, high-end television and video game industries, in addition to the existing relief available for film production. The new reliefs are designed to promote culturally-relevant ...
A new report from the British Film Institute (BFI) reveals that film and high end TV tax breaks have resulted in the highest ever return on investment in the U.K. The report, which covers the pre ...