A recording and/or reproduction apparatus for an endless tape which includes a hollow fixed reel, the outer wall of which is wound with an endless tape which is conducted from the innermost portion and wound onto the outermost side a head mechanism for scanning the thus guided tape, a pinch roller and capstan which are driven with the tape held therebetween thereby causing the tape to be slackened downstream of the capstan, a swingable arm which releases the pinch roller from the capstan before its rotation is brought to an end, and a guide pin for releasing the tape from the head mechanism, capstan and pinch roller.