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Films (Taxation)

Volume 35: debated on Wednesday 19 January 1983

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asked the Chancellor of the Exchequer what further proposals he has for the tax treatment of films.

The Finance Act 1982 generally withdrew capital allowances in respect of expenditure on films. Provision was made, however, to continue 100 per cent. first year allowances transitionally for two years for films, including those made for television, satisfying the Eady requirements in accordance with section 72(7) and (8) of the Finance Act. We propose, in the coming Finance Bill, to make provision to extend the transitional period for such films by a further three years to 31 March 1987.