UK indie producers are reporting significant interest from potential international partners at Cannes, the first major market since the introduction of the Independent Film Tax Credit (IFTC).
“Specifically, I’m seeing increased interest from the US,” said Nicky Bentham of Neon Films, who produced Great 8 project Brides.
Love Lies Bleeding producer Andrea Cornwell of Lobo Films said she is moving many of her projects back to the UK thanks to the IFTC. “I had otherwise pivoted my entire slate away from the UK in part due to the difficulties of financing and mounting medium budget films in the UK,” she explained. ”This absolutely will change as a result of the enhanced credit.
”I have a project that was expecting to shoot in Eastern Europe. I now believe the cost of shooting in the UK will be more competitive.”
Reece Cargan, of the recently launched UK outfit Randan, said: “After the chaos and uncertainty of Brexit, leaving Europe and access to any European funds, the UK has suddenly become more attractive when chatting to co-pro partners. I have been mainly having chats with Greece and Sweden.”
Boxing biopic Giant, starring Pierce Brosnan and Amir El-Masry, produced by the UK’s Tea Shop Productions and White Star Productions alongside the US’s AGC Studios, has already moved its shoot from Malta to Leeds.
Eligible films, budgeted under £15m, will be able to opt-in to claim enhanced Audio-Visual Expenditure Credit (AVEC), at a rate of 53% on their qualifying expenditure, which equates to around 40% in relief.
Claims can be submitted from April 1 2025, in respect of costs incurred from April 1 2024. Royal assent is still impending, but is expected to go through in the summer
However some producers voiced concern that as production ramps up in the UK, congestion may follow.
“Those folks at the £15m mark, who are competing with bigger shoots coming here, whether that’s TV or film, that’s where it gets tricky, where you’re competing for the same HODs [heads of department],” said Home Team producer Bennett McGhee, on a panel in the UK pavilion on May 18. ”I can see a bit of a fight, a charm offensive coming.”
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