The UK authorities has formally handed the much-talked-about Unbiased Movie Tax Credit score into legislation and reduction shall 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 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 shall 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 may be claimed. Movies can even be required to go a BFI cultural check.
“The UK’s first-class impartial filmmakers have a monitor report of making cult classics and shock hits which might be loved by hundreds of thousands,” 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 progress in all elements of the UK.”
She added: “These reliefs can pay 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 trade right here within the UK.”
The tax credit score was a part of an expansive bundle tabled by the final British authorities to spend money on the British cultural trade. The bundle additionally included a £26M improve to the Nationwide Theatre’s phases and infrastructure, and giving a further £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 lately.
Ben Roberts, BFI Chief Govt, added: “That is nice information for UK movie and is already having a optimistic impression throughout our trade. Extra movies can now be made within the UK that audiences at residence and internationally will get to get pleasure from. Unbiased filmmaking is significant to our cultural expression and creativity, it builds careers for expertise in entrance of and behind the digital camera, and likewise showcases UK inventive excellence on a world stage. We’re grateful to Authorities, the DCMS, and the trade for working collectively to determine this transformative tax reduction uplift the place it’s most wanted.”
