Richard Philipps, Partner in the Technology and Media group at global law firm Reed Smith, comments on David Cameron's announcement that film tax relief will be extended:
"The Prime Minister's announcement of the renewal of the film tax relief is welcome news for the UK film industry and confirms the value of its contribution to UK plc.
"The tax credit has now become an indispensable part of the financing of all UK independent films. Add this to the additional money which the BFI is likely to distribute after the Olympics and the eagerly awaited results of the film policy review in January, and things are looking quite encouraging for the UK's film industry.
"The only shame is that the tax relief extension wasn't confirmed beyond 2015."
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Notes to editors
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