The UK authorities has formally handed the much-talked-about Unbiased Movie Tax Credit score into legislation and reduction can be obtainable 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 Movie Pageant begins its 11-day run within the capital.
Underneath the brand new credit score, first-time productions with a price range of as much as £15 million can be eligible for a reduction of 53% on their qualifying expenditure. Movies with a price range 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 will be claimed. Movies may even be required to move a BFI cultural take a look at.
“The UK’s first-class impartial filmmakers have a monitor document of making cult classics and shock hits which are loved by tens of millions,” Nandy mentioned in an announcement this morning confirming the credit score. “Their movies showcase British tradition and creativity to the world whereas additionally supporting 1000’s of jobs and driving financial development in all elements of the UK.”
She added: “These reliefs can pay dividends each culturally and economically, encourage the following technology 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 package deal tabled by the final British authorities to put money into the British cultural business. The package deal additionally included a £26M improve to the Nationwide Theatre’s phases and infrastructure, and giving an extra £10M to the Nationwide Movie & Tv College.
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 reduction will assist a sector fighting rising prices amidst budgets for the likes of BBC Movie and Film4 which have plateaued in recent times.
Ben Roberts, BFI Chief Govt, added: “That is nice information for UK movie and is already having a constructive influence throughout our business. Extra movies can now be made within the UK that audiences at residence and internationally will get to get pleasure from. Unbiased 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 inventive excellence on a world stage. We’re grateful to Authorities, the DCMS, and the business for working collectively to ascertain this transformative tax reduction uplift the place it’s most wanted.”
