Schedule 4
Finance Bill
6:45 pm
Variety magazine said that scrapping sideways loss relief would “gut British film production”. Patrick McKenna, a film investment expert, has pointed out that films such as “Vera Drake” or “Girl with a Pearl Earring” would not have been made without sideways loss relief. He told me that many films that are already in production or about to go into production may not now be made. He said:
“The Revenue have taken a very blunt instrument to deal with this. It has not discriminated between bona fide investment and tax abuse.”