Profit Dive at Pinewood as Hollywood shuns UK

Pinewood Studios - the 007 hallPinewood Shepperton, the studios group chaired by BBC chairman Michael Grade, has reported a near 60% fall in operating profits, reflecting the decision by many Hollywood studios to desert the UK because of uncertainties over tax breaks. Profits fell from £11.4m in 2004 to just £3.7m for the year to December 2005 as US movie studios abandoned the UK as a production base.

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US-styled Development Fund To Back British Film

A union of  of hedge funds and Hollywood is crossing the Atlantic, with two upstarts forming a new investment fund for high net worth individuals to back British films. Writer-Director Gregory Mackenzie and former Morgan Stanley analyst Brett Walsh, have set up the Lexington Film Fund. To date the fund, which has raised more than £500,000 ($870,000) and seeks to gather up to £3m by April It aims to provide funding for films at the crucial points in early development.

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PACT/UKFC Welcome Brown's New Film Tax Regs

Chancellor Gordon BrownChancellor Gordon Brown's announcement is good news for the British film industry and makes the UK an attractive place to make films according to  John Woodward CEO of the UK Film Council. He said films will now be required to spend at least 25% of their budgets in the UK to qualify for tax relief - down from the proposed 40%.

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