Actor Colin Firth's new film GENOVA has lost GBP500,000 ($975,000) in funding after a tax clampdown by the British government forced investors to pull out.
The Michael Winterbottom film GENOVA is the second major casualty of the new restrictions introduced by the Labour government last week (02MAR07) - which mean movie investors are no longer able to offset losses against tax.
The British Treasury yesterday (08MAR07) stated they would allow films close to finishing development to continue as planned. However, projects not already in production after 1 January (07) were subject to the clampdown, resulting in the withdrawal of large investments from individuals and private companies.
But Genova producer Andrew Eaton is confident he will be able to recover some funding from other sources.
He says, "We were lucky in that filming wasn't due to begin until July so we do have time to plug the funding gap."