The purpose of this scheme is to attract film production to the Island and it has had noted success with four feature length films already having been completed. The main fiscal advantages on offer under the scheme are as follows:
- transferable tax credits for investors;
- tax holidays for up to five years for both companies and individuals;
- favourable tax treatment for producers and artists;
- a government grant scheme whereby grants are awarded tax free.
There are minimal requirements in order to qualify for such benefits. These include:
- production must be carried on by a Manx resident production company;
- a minimum of 20% of the total budget must be spent in the Isle of Man
- a completion bond must be in place before the tax credit is advanced.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
Further information is available on the scheme from Bruce Taylor, PO Box 250, Grosvenor House, 66-67 Athol Street, Douglas, Isle of Man IM99 IXJ, Tel: +44 (0) 1624 672332, Fax: +44 (0) 1624 672334.
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