Film Investment Tax relief for small budget films has been extended to 31 March 2006. This relief was due to expire in July 2005. To qualify for the relief, the first day of filming must be prior to 1 April 2006 and the film must have finished before 1 January 2007. A film will be classed as a small budget film if the production costs are no more than £15,000,000.
Acquisition relief will be allowable for films acquired before 1 October 2007 as long as they meet the date stipulations above for low budget films.