The UK’s Independent Film Tax Credit (IFTC) has become law “in the nick of time” according to BFI chief executive Ben Roberts, moving on to the statute books just before Parliament is dissolved this week ahead of the UK General Election.
The IFTC was announced by Chancellor Jeremy Hunt on March 6 as part of the Conservative government’s Spring Budget. When Prime Minister Rishi Sunak called the UK General Election for July 4, there were fears that the IFTC – which was part of the 2024 Finance Bill – might not have time to pass through Parliament.
MPs only have until May 30 to pass remaining legislation in a period known as the ’wash-up’ before Parliament is dissolved.
However, the Finance Bill moved quickly through Parliament last week before finally receiving Royal Assent on May 24. Once a bill has completed all the parliamentary stages in both Houses, it can receive Royal Assent. This is when the King formally agrees to make the bill into an Act of Parliament, effectively turning into law.
In a comment posted on LinkedIn, 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 is aimed at reinvigorating the homegrown film production sector, and gives UK-qualifying films budgeted up to £15m a tax relief of 40%. During Cannes, UK producers reported significant interest from potential international partners as a result of the IFTC.
No comments yet