The announcement of the new UK Independent Film Tax Credit (IFTC) in March had an almost immediate impact, at least on one film production.

“Giant,” the biopic of boxer Naseem Hamed starring Amir El-Masry, was in advanced pre-production when the news broke, with plans to shoot location work in Hamed’s hometown of Sheffield and all interiors — including the all-important boxing rings — in Malta. Sets have already been built on the Mediterranean island, which has attracted numerous film productions in recent years thanks to a generous 40% tax-refund scheme.

But then the IFTC was unveiled and the UK, when it came to the producer’s core profit, suddenly became much more competitive. What had been a 20% tax break was now around 32.5% (it was originally billed as 40% but is actually lower after corporation tax). Given the costs involved in shipping the film overseas, “Giant” didn’t have to pack its bags.

“As soon as the tax break came through, we did the analysis and it immediately made economic sense to keep it here,” explains Zygi Kamasa, the head of distributor and producer True Brit Entertainment. “So we pivoted within days of it coming through.”