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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