Independent Film Tax Credit: The brakes are off for the independent film sector – See you in Cannes!

Following the welcome news that Jeremy Hunt delivered in his Spring Budget, we’re already seeing a huge up lift in activity by independent film producers. In a nutshell, this entirely new Independent Film Tax Credit (IFTC) for films with a... Read more

Following the welcome news that Jeremy Hunt delivered in his Spring Budget, we’re already seeing a huge up lift in activity by independent film producers. In a nutshell, this entirely new Independent Film Tax Credit (IFTC) for films with a budget of less than £15m (excluding marketing and distribution costs) is effectively 39.75% of UK eligible core expenditure. What a great boost for the UK independent film sector.

This follows hard on the heels of the Autumn Budget which had already delivered enhanced tax credits for Animation and Children’s television under the Audio Visual Expenditure Credit (AVEC). This latest tax initiative makes it ‘all systems go’ for UK independent film production.

Producers in the Independent film space have been screaming for enhanced tax credits in a difficult market that’s been drying up in the face of streamers controlling the lion’s share of the market at the expense of the independents. Nonetheless it’s inspiring to see how well the industry has been represented by its institutional bodies, particularly the British Film Institute and the British Film Commission who lobbied hard for this tax game-changer.

At the Berlin Film Festival, when the proposed tax credit was still just a budget hope-for, the enthusiasm of independent producers was palpable; with that hope now a reality, all eyes are on Cannes where its delegate list of Producers, Financiers and Agents now have a bigger pool to play in.

Alliotts Media Team will be based at The Members Club at Cannes from 17^th to 20^th May. If you’d like a meeting to discuss your project – or projects – please contact us and let’s get together.  If you’re not at Cannes, the door is always open to you at our London Office in Covent Garden.

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