Independent Film Tax Credit
The Independent Film Tax Credit (IFTC) allows a company producing a British film with a production budget of up to £15 million to claim an enhanced expenditure credit of 53%. There is also scope for films with a budget of up to £23.5 million to benefit from the relief in respect of 80% of qualifying UK expenditure up to £15 million.
British films with either a UK writer, a UK director or certification as a UK coproduction which started principal photography on or after 1 April 2024 should qualify for the relief.
Productions will be able to apply for certification from the British Film Institute from 30 October 2024 and claims for the relief can be submitted to HMRC from 1 April 2025 onwards. Relief will only be available in respect of expenditure incurred after 1 April 2024.
The IFTC has been very warmly received by the British film industry and it is expected to have a very positive impact by encouraging more independent filmmaking in the UK.
Our History Of Working In The Creative Industries
Friend Partnership has a long-standing history of working with businesses in the creative industry sector, including film production. With years of experience advising companies in this space, Friend Partnership is well-positioned to help filmmakers navigate the opportunities provided by the Independent Film Tax Credit (IFTC). Our expertise can assist in maximising the benefits of this significant incentive, ensuring that film producers can take full advantage of the relief.
Next Steps
Friend Partnership’s deep understanding of the unique financial and tax challenges faced by the creative industries makes them a trusted partner for those seeking to thrive in this evolving landscape. For further information regarding IFTC, you can contact our Creative Industry Tax Team on 0121 633 2000 or email them at enquiries@friendpartnership.com., or alternatively send us an enquiry through the form below.
Make a Independent Film Tax Credit Enquiry
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