Pinewood Studios has been told it can’t press ahead with a £200 million expansion plan.
The company, which the Manx government has a ten per cent stake in, had applied to build studios, stages and streetscapes at its base in Iver Heath.
But South Buckinghamshire Council has turned down the plans, describing them as "inappropriate" for the green belt.
254 letters supported the scheme, but parish councils nearby had voiced their opposition.
Last October, the government spent £12.2 million of its investment reserves buying just under ten per cent of Pinewood from Peel Holdings.
The studios were used to film the James Bond blockbuster Skyfall, and Sam Barks worked there during the filming of Oscar-nominated Les Miserables.
Film directors Danny Boyle and Ridley Scott had thrown their support behind the plans, saying they were vital to the British film industry.
The studio could now take its case to Communities Minister Eric Pickles – although he threw out a previous plan in January last year.
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