International reporter
Extension of tax credit for historical films signed
The UK government has formally adopted the much-hyped Independent Film Tax Credit. The tax credit will be available for qualifying films from 30 October.
The film was confirmed this morning by British Culture Secretary Lisa Nandy as the BFI's London Film Festival begins its 11-date tour in the capital.
Under the new credit, first-run productions with a budget of up to £15 million will be eligible for 53% relief on their qualifying expenditure. Films with a budget of up to £23.5 million will also be eligible for the IFTC. Productions eligible for the relief must have commenced principal filming on or after 1 April 2024, and only expenditure incurred on or after 1 April 2024 can be claimed. Films must also pass a BFI culture test.
