UK Gov’t Introduces Indie Movie Tax Relief Of 40%
06.03.2024 - 13:45
/ deadline.com
The UK government is to introduce an extended indie movie tax credit for films that have budgets between £1M and £15M, along with bringing in business rates relief for big studios.
From April 1, the new indie relief will be separate to the pre-existing film and high-end TV tax credit but both will fall under the new Audio-Visual Expenditure Credit system. The local industry has been calling for the move for months. Producer trade body Pact and the BFI immediately welcomed the move.
Chancellor Jeremy Hunt also announced in the past few moments that a VFX cost cap of 80% will be removed to aid with projects that benefit from the film and high-end TV tax credit.
The business rates relief of 40%, meanwhile, will help major studios such as Pinewood and Sky Studios. Sky welcomed the move and said it will help with proposals to extend the new Sky Studios Elstree and allow for the filming of NBCUniversal’s new Jurassic World movie. “Today’s announcement brings confidence to the sector, unlocking job opportunities whilst providing a stable foundation for the investments of tomorrow,” said Sky Group CEO Dana Strong.
Introduced more than a decade ago, the UK’s film and high-end TV tax credit has been hugely successful, bringing numerous shows from major streamers and studios to the nation and making it easier to get local shows off the ground.
The new indie film relief will help a sector struggling with rising costs amidst budgets for the likes of BBC Film and Film4 that have plateaued in recent years.
On the indie film relief, a Pact statement said: “Pact and the BFI have today welcomed the Government’s announcement that it will help to support the UK’s independent film sector by increasing the Film Tax Credit to 40% for
The website celebfans.org is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can
send a complaint on the news if you find it unreliable.