The UK government has formally handed the much-talked-about Independent Film Tax Credit into regulation and aid can be out there for qualifying movies beginning October 30.
The credit score was confirmed this morning by the UK Tradition Secretary Lisa Nandy because the BFI’s London Film Festival begins its 11-day run within the capital.
Underneath the brand new credit score, first-time productions with a funds of as much as £15 million can be eligible for a aid of 53% on their qualifying expenditure. Movies with a funds of as much as £23.5 million are additionally eligible for the IFTC. Productions qualifying for the aid should have began principal pictures on or after 1 April 2024, and solely expenditure incurred on or after 1 April 2024 will be claimed. Movies may also be required to move a BFI cultural check.
“The UK’s first-class unbiased filmmakers have a observe report of making cult classics and shock hits which might be loved by thousands and thousands,” Nandy mentioned in a press release this morning confirming the credit score. “Their movies showcase British tradition and creativity to the world whereas additionally supporting hundreds of jobs and driving financial progress in all elements of the UK.”
She added: “These reliefs pays dividends each culturally and economically, encourage the subsequent era of expertise throughout the nation, ship extra nice British content material, and maintain a world-leading business right here within the UK.”
The tax credit score was a part of an expansive bundle tabled by the final British authorities to put money into the British cultural business. The bundle additionally included a £26M improve to the Nationwide Theatre’s levels and infrastructure, and giving an extra £10M to the Nationwide Movie & Tv Faculty.
Launched greater than a decade in the past, the UK’s movie and high-end TV tax credit score has been massively profitable, bringing quite a few exhibits from main streamers and studios to the nation and making it simpler to get native exhibits off the bottom. The brand new indie movie aid will assist a sector combating rising prices amidst budgets for the likes of BBC Movie and Film4 that have plateaued in recent years.
Ben Roberts, BFI Chief Govt, added: “That is nice information for UK movie and is already having a optimistic affect throughout our business. Extra movies can now be made within the UK that audiences at dwelling and internationally will get to take pleasure in. Impartial filmmaking is important to our cultural expression and creativity, it builds careers for expertise in entrance of and behind the digicam, and likewise showcases UK artistic excellence on a world stage. We’re grateful to Authorities, the DCMS, and the business for working collectively to determine this transformative tax aid uplift the place it’s most wanted.”
