UK’s world-class film sector handed major jobs and growth boost by tax reliefs
Film and the creative industries to form key part of government’s mission to grow the economy in all parts of the UK
Independent film productions costing up to £15 million to benefit from an increased tax relief of 53%
Move will empower UK filmmakers to create more independent films and co-produce with other countries
The next generation of indie films have been handed a major boost by the government with the introduction of a tax relief uplift, which will create jobs and drive growth by making more British hits like Aftersun and Billy Elliot possible.
The Independent Film Tax Credit (IFTC), confirmed today by the Chancellor and Culture Secretary as the London Film Festival gets underway, will mean that for the first time productions with a budget up to £15 million will be eligible for a relief of 53% on qualifying expenditure. Films with a budget up to £23.5 million are also eligible for the IFTC and the relief will be tapered.
The creative industries are a key part of the economy, generating £125 billion a year, and form a central part of the Government’s mission to grow the economy. The UK film sector is already worth £1.36 billion and employs more than 195,000 people, with the potential to grow further thanks to these reliefs.
To support the Government’s commitment on more distinctly home-grown content and talent, for films to meet the criteria for this new relief, they must have a UK writer or director, or be certified as an official UK co-production.
The new measures are the latest in a series of interventions from the government to drive growth, which is creating the conditions for confident investment and trusted partnership with business. From major investment in carbon capture to securing billions in investment from Blackstone and Amazon Web Services, this government is committed to working hand in hand with business to drive growth and investment across many sectors.
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