UK Indie Tax Credit: BFI's Harriet Finney Shares Progress Update

At the recent summit, aptly titled “The Future of UK Film,” at the BFI Southbank, the air was thick with not just anticipation but an unmistakable dose of optimism. Harriet Finney, the BFI deputy CEO, positively lit up while discussing the potential of the Independent Film Tax Credit (IFTC)—a sweet little treat for those humble films glimmering under the £15 million ceiling. “Trust me, there’s a veritable flurry of activity happening behind the curtain,” she assured the crowd, her enthusiasm palpable. It’s as if the entire film industry was waiting for a new government to shine its collective spotlight on the proposed tax relief that had darted in and out of legislatorial limbo.

Finney's words danced around the room, outlining the bureaucratic hurdles that still must be crossed. She explained that although the IFTC was originally lassoed by the last Conservative government back in March, it’s now the rising Labour government that has the baton. And let’s be honest; the only thing sweeter than a tax credit is the government finally realizing they must jump through hoops to lay down that specific statutory instrument so the credits can start flowing. “It’s like waiting for a rare wine to age, I assure you,” she quipped, not at all hiding her impatience.

Moses Nyachae, partner at Saffery, was like a calming balm, echoing Finney’s buoyancy with a firm, “Yes, the IFTC is still a go!” He reiterated that while producers might be in a “hold your horses” situation for now, he expects all to proceed smoothly once that final step is accomplished. It’s akin to preparing for a garden party but finding yourself stuck in showers—eventually, the sun will come out, and so will the credits.

Meanwhile, Nicky Bentham, producer and co-chair of Pact’s film producers group, brought a dash of sobering reality to the conversation. “Look, making indie films isn’t a walk in the park, and we’ve been hanging on by a thread,” she lamented, tapping into the collective anxiety of filmmakers. The looming IFTC felt like a lifebuoy, but the sea of challenges prior had left many gasping for breath.

“In 2017, we first pitched this 40% tax relief,” Bentham reminisced, wistfully regarding the time when panic hadn’t yet settled in the indie film sector. “I can only think: why can’t we just rewind a bit?” She hadn’t managed to harness the IFTC yet, but was hopeful that the return of a credit would rejuvenate a struggling industry and perhaps provide a few less sleepless nights.

And then there was Judith Chan from Coutts, sounding a bit like a child in a candy store. “We are poised, excited even, for the moment we can lend against this glorious promise.” It’s a potent combination of desperation and hope, as everyone waits for the green light. If all goes as planned, filmmakers will start claiming this promising little nugget as early as April 1, 2025. Yes, it’s true—April Fool’s Day has never seemed quite so promising.

But with great excitement comes great trepidation, particularly when multiple facets of the film-making process rest on receiving that credit. Filmmakers had already pivoted their productions, well aware that the UK will soon be hot property for indie films, enticing international partners into the fold like moths to a flame. It’s thrilling and terrifying—but isn't that what makes the entire game of filmmaking endlessly intriguing?

“We need coherent support and it’s crucial for government to engage,” chimed in Gillian Berrie of Sigma Films, echoing the sentiment of nearly everyone in the room. They were all looking for reassurance, as the industry grapples with rising production costs and a shrinking pool of talent. In fact, Berrie’s comment lingered in the atmosphere long after she spoke, feeling like a spark of desperation mixed with hope.

On the flip side, Fiona Lamptey’s new Juno Studios is tapping into unusual funding streams. “The landscape is changing, folks,” she promised, dealing out optimism with each phrase. “There’s money waiting to be utilized, and our public needs a voice!” Lamptey’s idea of encouraging audience engagement and shared ownership feels less like a mirage and more like the dawning of a new era, where film won’t just be created for audiences, but with them. Isn’t that just the dream?

As everyone basked in the optimism peppered with a dash of realism, it became clear that while the journey to financial stabilization through the IFTC remains shaky, the passion for independent film endure. And like the best stories