The UK's Department of Culture Media & Sport fared well in today's Pre-Budget Report and Comprehensive Spending Review from Chancellor Alistair Darling today.
The Chancellor did pledge an increase in the resource budget for DCMS from $3.25bn (£1.6bn) in 2007-2008 to $3.66bn (£1.8bn) by 2010-11.
John Woodward, Chief Executive Officer of the UK Film Council responded to the increased funding to DCMS by saying: 'It's extremely good news that DCMS has secured a generous funding settlement in today's Spending Review. As a result of today's announcement the landscape for film, the arts and UK culture looks much brighter.'
The Pre-Budget Report has been under close scrutiny in recent years as the UK's film tax law has undergone major changes. Today's tax news wasn't film-specific but there was an HM Revenue & Customs restriction on the relief for interest payments. That measure, relating to accelerated tax relief on the interest on loans where an individual pays the interest on a loan in advance, is still open for consultation from any industry affected.
The UK Film Council noted: 'We do not believe that this practice is widespread in the film industry and the measure should not have a significant impact.'
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