The announcement of the U.K.’s new Independent Film Tax Credit (Iftc) back in March had a near instantaneous impact, at least in the case of one film production.

“Giant,” the biopic of boxer Naseem Hamed and starring Amir El-Masry, was in advanced pre-production when the news landed, with plans to shoot location work in Hamed’s home town of Sheffield and all the interiors — including the essential boxing rings — in Malta. Sets were already being built on the Mediterranean island, which has been courting numerous film productions in recent years thanks to a generous 40% tax rebate initiative.

But then the Iftc was unveiled and the U.K., when it came to producer’s all-important bottom line, was suddenly much more competitive. What had previously been a 20% tax break was now around 32.5%. Given the costs involved in shipping the film overseas, “Giant” didn’t need to pack up its bags.