Pinewood Studios has set plans to launch what it has described as a dedicated production hub to support filmmakers in the UK who are taking advantage of the UK’s newly introduced Independent Film Tax Credit (IFTC).The UK government gave the much-talked-about IFTC the greenlight this morning and confirmed that the relief will be available for qualifying films starting October 30.Pinewood has said the new film hub will include sound stages, production offices, and workshop space tailored to support lower-budget and independent films. Productions will also have access to the wider Pinewood Studios facilities. The studio has said the facility will be serviced by 100% renewable energy sources. The hub will open next year.Under the new credit, first-time productions with a budget of up to £15 million will be eligible for a relief of 53% on their qualifying expenditure. Films with a budget of up to £23.5 million are also eligible for the IFTC. Productions qualifying for the relief must have started principal photography on or after 1 April 2024, and only expenditure incurred on or after 1 April 2024 can be claimed. Films will also be required to pass a BFI cultural test.Discussing this morning’s announcement, David Conway, CEO of Pinewood Group, said: “UK film production is at the heart of Pinewood and Shepperton Studios’ DNA, and our aim with the new Pinewood Indie Film Hub is to further catalyze the independent film sector in the UK, boosting creativity and attracting further investment into the UK. In this highly competitive global market, we welcome the new IFTC and feel it is going to further consolidate the UK’s leading position in the screen industries.”
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