No, Harry Potter was actually Romanian

As the dust settles in the adjustments to available foreign coproductions, Olswang (a British law firm serving the entertainment industry) actually crunched the numbers surrounding Britain's announcement of its new tax rebate program. Variety reports that US film producers should expect to see rebates of 2%-5% of their budgets as opposed to the 9% currently available under Section 42.

According to Variety, "The U.K. Film Council is lobbying for the tax credit, which takes effect in April, to deliver a 15%-20% benefit for big-budget movies." And those numbers reflect spending 80% of the budget in the UK; anything less results in less tax credits. Films budgeted below 35% will see more credits available, but still less than previously expected, based on Olswang's analysis.

It is possible that Hollywood-financed UK characters such as James Bond and Harry Potter will find themselves filming in foreign lands.