Sale and Leaseback
There is no DCMS application form for sale and leaseback. However to access tax relief through sale and leaseback the film must be certified as a British Film, for which DCMS does have an application form.
DCMS does not provide a list of those firms, lawyers and accountants who offer services relating to sale and leaseback schemes, and cannot recommend anyone's services in particular. News of sale and leaseback schemes can usually be found in the trade press. Queries about the tax relief should be addressed to the Inland Revenue, or else specialist legal or accounting advice should be sought.
DCMS is not in a position to comment on the workings of the tax system. However, the following may be of assistance instead. An Inland Revenue document entitled "Avoidance using exits from businesses that have accessed film tax reliefs" is available on their web-site, using their search facility - it includes relevant Inland Revenue contact details. Please visit the Inland Revenue website.
The Revenue has published guidence on how they treat tax relief for film:
- BIM56000 Film and Audio Products
- Introduction BIM56100 Film and Audio Products
- Qualifying Films BIM56200 Film and Audio Products Methods applying to all master version
- BIM56300 Film and Audio Products Deductions for Qualifying Films
- BIM56400 Film and Audio Products Sale & leaseback for qualifying films
- BIM56500 Film and Audio Products: Avoidance
DCMS'S ROLE
DCMS is responsible for deciding whether a film is a British film under Schedule 1 of the Films Act 1985. To do this you muct obtain a Certificate of British Nature of a Film from DCMS is a prerequisite for obtaining the film tax reliefs through the Inland Revenue.
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