The UK Indie Film Tax Credit is passed “just in time” for the General Election

When Prime Minister Rishi Sunak announced 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. 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 passed all the stages of both Houses in Parliament, it can receive royal assent. The King will formally approve the bill to become an Act of Parliament. The BFI will need to do some ‘housekeeping,’ but the IFTC remains safe. The IFTC aims to reinvigorate the homegrown film sector by providing a 40% tax relief for UK-qualifying films with budgets up to PS15m. The IFTC attracted a lot of interest from international partners during Cannes.

The UK Indie Film Tax Credit is passed “just in time” for the General Election

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