The Isle of Man Government extended its Film Industry Tax Credit Scheme on 24 June 1996 so that it will continue until 23 June 1998. The scheme provides tax credits to investors in approved film productions. The Isle of Man Government is underwriting the scheme to the extent of providing tax credits of up to £1m.

The purpose of the scheme is to attract film production to the island and it has been successful in that two feature length films have already been completed here.

The fiscal advantages on offer are as follows:

  • Transferable tax credits for investors
  • Tax holidays for up to 5 years for companies and individuals
  • Favourable tax treatment for producers and artists
  • Government Grant Scheme whereby grants awarded are tax free
  • No capital taxation at any stage

There are minimal requirements in order to qualify for such benefits but these do include the following:

  • Production must be by a Manx resident production company
  • A minimum of 20% of total budget must be spent in the Isle of Man
  • A completion bond must be in place before the tax credit is advanced

Further information is available on the scheme from Nicholas Williamson, PO Box 250, Grosvenor House, 66-67 Athol Street, Douglas, Isle of Man IM99 1XJ, Telephone +44 (01624) 672332, Fax +44 (01624) 672334.

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