Independent filmmakers will soon be able to claim back 53% of spending on items such as equipment, location costs and paying actors. Productions costing up to £15 million will be eligible for the tax relief, designed to encourage more people to make films in the UK. Critically acclaimed films such as Rye Lane and Aftersun would have been able to claim the tax credit, with budgets of £3 million and £2.
2 million respectively. Chancellor Rachel Reeves said: “By supporting growth in this vibrant sector, we can create jobs and continue to show Britain at its best around the world.” The UK film sector is estimated to be worth about £1.
36 billion and employs more than 195,000 people. The so-called Independent Film Tax Credit (IFTC) can be claimed on most costs related to shooting and producing the films, but not marketing and distribution. Culture Secretary Lisa Nandy looks at a costume made by students from Buckinghamshire New University (Andrew Matthews/PA) The plans mark a continuation of a policy announced by former Conservative chancellor Jeremy Hunt in March.
Culture Secretary Lisa Nandy said: “The UK’s first-class independent filmmakers have a track record of creating cult classics and surprise hits that are enjoyed by millions. “Their films showcase British culture and creativity to the world while also supporting thousands of jobs and driving economic growth in all parts of the UK. “These reliefs will pay dividends both culturally and economically, inspire t.