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Film and TV restart scheme

Source: HM Revenue & Customs | | 01/04/2021

The government’s £500 million scheme to kickstart film and television production entitled the Film and TV Production Restart Scheme, helps UK film and TV productions struggling to secure insurance for COVID-19 related costs.

The Scheme allows TV and film productions that have been halted or delayed by a lack of insurance to get started or restarted.  Productions can receive compensation from the scheme for coronavirus related losses including filming delays from illness amongst the cast and crew.

Claims made under the Scheme can be backdated to 28 July 2020, the date the Scheme was first announced. The Scheme is available to both pre-existing eligible productions and to new eligible productions.

The funding is available to all qualifying productions made by companies where at least 50% of the production budget is spent in the UK. There is a fee to participate in the Scheme and a limit to the maximum claim allowable.

The deadline for productions to register for the Scheme and restart shooting has been extended until 31 October 2021. Claims will need to be submitted by 31 March 2022 for losses incurred up to 31 December 2021. HMRC’s guidance on the scheme has been updated to include payment terms.

 

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McAllisters is a partnership trading from Paxton House, 11 Woodside Crescent, Glasgow providing accountancy and tax services and general business advice and is a member of ICAS (Registration No 0342) and an FCA exempt professional firm (No 301235). Its VAT number is 261 3019 94

McAllisters (Scotland) Ltd is a related business providing tax and business advisory services to McAllisters and its clients. McAllisters (Scotland) Ltd is registered in Scotland (Registration number SC146856). Its VAT number is 624 0564 62.

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