§ Mr. YeoTo ask the Chancellor of the Exchequer how many British films produced in 1999–2000 claimed the 100 per cent. tax write off during the first year; and what the total loss was in tax revenue resulting from these claims. [24083]
§ Mr. Andrew SmithIn 1999–2000 the Department for Culture, Media and Sport certified 76 "British qualifying" films costing less than £15 million under the Films Act 807W 1985. The estimated tax cost of relief provided to British qualifying films under section 48 of the Finance (No. 2) Act 1997 is £85 million for films produced in 1999–2000, over double the amount that would have been available under the previous arrangement.
§ Mr. YeoTo ask the Chancellor of the Exchequer when he last met Mr. Jack Velenti of the Motion Picture Association of America; and what representations he has received from Mr. Velenti about extending the section 48 tax concession permitting qualifying British films with budgets under £15 million to claim 100 per cent. write-off in the first year. [24084]
§ Mr. Andrew SmithThe Chancellor receives numerous Budget representations, from a variety of sources. All taxes are kept under review and decisions are made as part of the normal Budget process. The expiry date for the tax relief provided by section 48 of the Finance (No. 2) Act 1997 was extended by three years to 1 July 2005 by Section 72 of the Finance Act 2001.