The Indie Film Tax Credit (IFTC) has made it onto the statute books ahead of the dissolution of parliament on May 30.
The IFTC was announced by Chancellor Jeremy Hunt on March 6 as part of the Spring Budget, but when PM Rishi Sunak called the UK General Election for July 4 there were fears that the IFTC might be one of a raft of proposed measures that might not have time to pass through parliament in the so-called ‘wash-up’ period before Parliament is dissolved.
However, the Finance Bill, of which the IFTC was part, has been moved quickly through parliament and has already received Royal Assent, whereby the monarch formally agrees to make the bill into an Act of Parliament, effectively turning it into law.
Announcing the news on LinkedIn, BFI CEO Ben Roberts said: “For anyone concerned about the security of the Indie Film Tax Credit heading into the election period – the Finance Bill received Royal Assent on Friday, just in the nick of time. There is some further ‘housekeeping’ required for the BFI to issue the interim certificates, but the IFTC is safe. Pass it on.”
The IFTC gives UK-qualifying films budgeted at up to £15m tax relief of 40%. During Cannes, UK producers reported significant interest from potential international co-pro partners as a direct result of the IFTC.
