Tax Year In Retrospect

The Isle of Man Government extended the film industry tax credit scheme in June 1996 so that it will run until June 23, 1998. The scheme provides tax credits to investors in approved film productions and the Isle of Man Government is underwriting the scheme to the extent of providing tax credits of up to I£1m.

The purpose of this scheme is to attract film production to the Island and it has had noted success with four feature length films already having been completed. The main fiscal advantages on offer under the scheme are as follows:

• transferable tax credits for investors;
• tax holidays for up to five years for both companies and individuals;
• favourable tax treatment for producers and artists;