Historical biographical pictures are the bread and butter of any Oscar season, and this year is no different. However, if there’s one that stands to dominate the others this time around, as far as snagging acting nods goes, it is The Iron Lady, director Phyllida Lloyd’s film concerning the life and times of Britain’s (in)famous female Prime Minister, Margaret Thatcher (as portrayed by Oscar-winner Meryl Streep).

A new domestic trailer for The Iron Lady has been released – and, even more so than the UK theatrical teaser, this promo drives home the idea that Streep’s performance as Mrs. Thatcher is very much meant to be the crown jewel in Lloyd’s movie.

The Iron Lady uses a framing device similar to that of director Clint Eastwood’s new biographical drama, J. Edgar, in that it picks up with Streep’s onscreen counterpart in the “present,” which here is 2008. Mrs. Thatcher is now suffering from dementia and finds herself haunted (comforted?) by memories of her deceased husband, Denis (Oscar-winner Jim Broadbent) and flashes back to years past. Both her private life and time spent in the limelight as the head of the UK Conservative Party and Britian’s Prime Minster, are explored in some detail.

Check out the new trailer for The Iron Lady below:

Iron Lady screenwriter Abi Morgan (co-writer of Shame) appears to have taken a fairly conventional approach to Thatcher’s life, seeing how the film focuses not only on the triumphs and controversies that occurred under her time in office, but also explores the impact her dignified “take-no-prisoners” attitude had on both her public image and her personal relationships, especially that with her husband. While Streep is obviously the one earning lots of Oscar buzz right now, it wouldn’t be a surprise to see Broadbent get some attention too, seeing how his performance as Denis Thatcher appears quite solid.

Based on the latest Iron Lady footage, Lloyd (a British theater and opera veteran) looks to have employed some subtle bits of cinematography and camera work that’s reminiscent of last year’s Best Picture Oscar-winner The King’s Speech at times. She also appears to have crafted some not-so-subtle symbolic imagery, especially that which juxtaposes the blue-dressed Thatcher against the seas of male politicians in drab suits that constantly surround her.

All things considered, The Iron Lady looks like an overall worthy “Oscar bait” flick that boasts two excellent lead performances and good (if, at times, heavy-handed) production design to boot; so, you should definitely keep an eye on this one as awards season rolls on.

The Iron Lady begins an Oscar-qualifying limited theatrical release in the U.S. on December 30th, 2011. It is slated to expand wider on January 13th, 2012.

Source: iTunes Movie Trailers (via Moviefone)