Pinewood Studios has set plans to launch what it has described as a devoted manufacturing hub to assist filmmakers within the UK who’re benefiting from the UK’s newly launched Unbiased Movie Tax Credit score (IFTC).
The UK authorities gave the much-talked-about IFTC the greenlight this morning and confirmed that the reduction might be out there for qualifying movies beginning October 30.
Pinewood has stated the brand new movie hub will embrace sound levels, manufacturing places of work, and workshop area tailor-made to assist lower-budget and unbiased movies. Productions may also have entry to the broader Pinewood Studios amenities. The studio has stated the power might be serviced by 100% renewable power sources. The hub will open subsequent 12 months.
Below the brand new credit score, first-time productions with a finances of as much as £15 million might be eligible for a reduction of 53% on their qualifying expenditure. Movies with a finances of as much as £23.5 million are additionally eligible for the IFTC. Productions qualifying for the reduction will need to have began principal images on or after 1 April 2024, and solely expenditure incurred on or after 1 April 2024 might be claimed. Movies may also be required to go a BFI cultural take a look at.
Discussing this morning’s announcement, David Conway, CEO of Pinewood Group, stated: “UK movie manufacturing is on the coronary heart of Pinewood and Shepperton Studios’ DNA, and our purpose with the brand new Pinewood Indie Movie Hub is to additional catalyze the unbiased movie sector within the UK, boosting creativity and attracting additional funding into the UK. On this extremely aggressive international market, we welcome the brand new IFTC and really feel it’ll additional consolidate the UK’s main place within the display screen industries.”
