If you’re self-employed and working in the film industry, you might be entitled to pay less Corporation Tax via Film Tax Relief (FTR).
In the March Budget of 2015, then-chancellor George Osborne looked to attract more blockbuster productions to the UK by announcing an increase in the rate of Film Tax Relief to 25% for all qualifying productions.
Who qualifies for Film Tax Relief?
Regardless of budget, your company will be entitled to claim Film Tax Relief on a project if:
- it passes the British Film Institute’s cultural test and is considered British
- it’s intended for theatrical release
- at least 10% of the total production costs relate to activities in the UK
- the first day of principal photography took place on or after 1 January 2007
The advice in this blog is for guidance purposes only. Due to the complex nature of the criteria, it is highly recommended that you speak to your accountant before assuming your project qualifies.