The UK film sector has received a major job and growth boost from tax relief.

The UK government has given a huge boost to the next generation of independent films by increasing tax breaks. The plan aims to create jobs and stimulate growth by creating more British hits such as Aftersun (2021) and Billy Elliot (2000).

The Independent Film Tax Credit (IFTC) allows films with total core expenditures of less than $15 million to receive a 53% reduction on qualified expenditures. Films with a total core spend of up to $23.5 million can qualify for the IFTC, but can only claim up to 80% of the $15 million core spend. $23.5 million is the tipping point where it becomes more advantageous to charge AVEC's standard rate rather than being capped at $15 million.

Creative industries are a key part of the economy, generating $125 billion a year and form a key part of the government's mission to grow the economy. The UK film sector is already worth $1.36 billion and employs more than 195,000 people and is likely to grow further thanks to the relief.

British indie films like Rye Lane, Rocks, Bait and Pride tell award-winning stories about our country and celebrate parts of British culture that are often less exposed. This slogan will allow more stories like this to be told, allowing more people to see their lives and experiences reflected on screen.

To meet the criteria for this relief, a film must have a British writer or director or be certified as an official UKco production.

BFI chair Jay Hunt said the speed with which the government turned this around showed how important this intervention was for independent film. This will have a creative and economic game-changing impact across the UK screen sector.

Ben Roberts, BFI CEO, said: “This is great news for British cinema and is already having a positive impact across the industry. The UK can now produce more films for local and international audiences to enjoy. Independent filmmaking is essential to our cultural expression and creativity. It builds careers for talent both in front and behind the camera and showcases British creative excellence on the world stage. We are grateful to the Government, DCMS and industry for working together to deliver these innovative tax breaks where they are needed most.

Sources 1/ https://Google.com/ 2/ https://www.bfi.org.uk/news/uk-film-sector-tax-reliefs The mention sources can contact us to remove/changing this article

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