Major Jobs and Growth Boost in The UK Film Sector
- Posted On:November 03, 2024
The Independent Film Tax Credit (IFTC), confirmed by the Chancellor and Culture Secretary, will mean that for the first time productions with a budget up to £15 million will be eligible for a relief of 53% on qualifying expenditure.
The creative industries are a key part of the economy, generating £125 billion a year, and form a central 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, with the potential to grow further thanks to these reliefs.
Andrew M Smith, Corporate Affairs Director at Pinewood Group, said: "Pinewood is synonymous with great filmmakers of the past and present and independent film has been at our heart since the Studios opened in 1936. This tax relief is fantastic news for the industry as a whole and will bring an injection of support to further nurture the groundbreaking talent of the future and bring a greater diversity and range of stories to our screens."
Faye Ward, producer of Rocks, Suffragette, Stan & Ollie and Wild Rose, said: "We have a tremendous history of filmmaking and talent in Britain. The indie sector is the main pathway for new and original voices and talent to enter into the industry. It’s imperative that we continue telling and making UK stories for which this enhanced tax relief is vital for our industry."
Amy Jackson, producer of Oscar-nominated Aftersun, The Outfit and The End We Start From said: "This is a vital intervention for the UK industry, which I wholeheartedly welcome. Making British indie films is tough, but this enhanced tax relief means that as a producer I now have crucial support to explicitly focus on bringing incredible stories by British talent to the big screen while building out exciting co-production opportunities."
BFI Chair Jay Hunt said:
"The speed with which the Government has turned this around shows how vital this intervention is for independent film. It will have a game changing impact across the whole UK screen sector - creatively and economically."
Elizabeth Karlsen, producer of Living, Carol, Colette and The Crying Game, said:
"Based on three decades working in independent film in the UK I can say with absolute confidence that this new support for British independent film will be felt far and wide; it will help us nurture new talent, support established talent, and ensure our global reputation for producing outstanding cinema. The creative and economic benefits will be felt through the industry and beyond.”
Hakan Kousetta, executive producer of Slow Horses, Hijack and The Essex Serpent, said: "Delighted to welcome this vital support for the British independent sector. A thriving independent film sector is a key part of the industry’s ecology. It’s where myself and many others started our careers and is essential if we are to continue to produce some of the world’s best screen talent both behind and in front of the camera.”
While the last few years have been challenging, in part because of the end of the pandemic streaming boom and US writers’ strikes halting productions, in recent decades the UK’s film industry has enjoyed strong growth. Tax incentives for film, first introduced in 2007, helped to bring the production of blockbusters to Britain, but the government is ambitious that it can grow further.
While major film production has flourished, smaller independent films have not received sufficient support. The tax credits uplift announced today will help the independent film sector reach its full potential, creating jobs and contributing to driving economic growth across the country. Without the independent scene we lose vital stories and really nurturing the next generation.