LONDON'S CALLING! Independent Producers

Joseph Chianese

UK Legislation finally went through today (for the 40% IFTC/Independent Film Tax Credit) – Look for Lloyd Gunton blog providing more details on EP's Production Lot.

Pinewood to open an Indie Film Hub @ Buckinghamshire Studios - Pinewood to open hub for indie filmmaking at Buckinghamshire studios - https://tinyurl.com/ynrk6fmu

Executive Summary Below -

• Films up to £23.5m (USD$26M) of core worldwide spend will qualify (this has been done to stop there from being a ‘dead zone’ of budgets between £15m (USD$16.4M) to £23m (USD$25M) where you would get less incentive despite spending more money)
• A max of 80% of £15m (USD$16.4M) of core spend is eligible for the incentive
  • i.e. the cap of £4.77m (USD$5.2M) on the incentive value remains
• Director/Scriptwriter must be a UK citizen/ordinary resident
• If multiple directors/scriptwriters:
  • Must be the lead director/scriptwriter
  • Defined as their contribution being equal or greater than the contribution of any other director/scriptwriter

This is quite a stringent condition and it’s not a case of just writing some minimum contributions to the script. If there are multiple directors/scriptwriters, then you must provide all contracts of employment to the BFI!

The test is going to be a simple form, submit a split budget for the budget condition plus employment contract and an accountant’s report (as for cultural test) on the qualification.

Independent Film Tax Credit gets official greenlight from UK government | News | Screen (screendaily.com)