Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential impact of the Independent Film Tax Credit on the independent film sector.

The UK Independent Film Tax Credit (IFTC) announced at Spring Budget is an enhanced tax credit, designed to boost the production of UK independent films and incubate UK film talent. Under the IFTC, films with budgets up to £15m that meet the criteria of a new British Film Institute test will be able to claim a tax credit of 53% on up to 80% of their UK production costs.

Industry has welcomed the measure, with the British Film Institute Chair describing it as a game changer for UK filmmakers that will create jobs and ensure great British stories continue to be told.

Further information on HMRC’s assessment of the credit can be found at https://www.gov.uk/government/publications/corporation-tax-tax-relief-for-independent-film-productions