Presentation on theme: "Co-producing with the UK"— Presentation transcript:
1 Co-producing with the UK Isabel DavisSenior Executive, InternationalFilm Fund17 October 2011
2 Why co-produce with the UK? Allows pooling of creative, financial, technical expertise and resources, inc incentives & subsidy, sharing of riskNational status = eligibility to apply for:UK Film Tax ReliefBFI Film FundNational funds (Wales, Scotland, N. Ireland)
3 Qualification as a British Film Condition of access to public benefitsQualification as British film through EITHER :Cultural testORCo-production treaty
4 BFI Film FundSupports filmmakers in the UK who are emerging or world class and capable of creating distinctive and entertaining work£18 million a year for:The production and completion of over 20 feature length films each yearThe development of over 100 screenplays each yearSelected short film and new talent initiativesBespoke production company vision slatesAlongside managing the only open access development slate in the UK
5 BFI Film FundOn 1 April 2011, the Film Fund moved from the UK Film Council to the BFI, which became the lead body for film in the UK.Films backed by the Film Fund through the UK Film Council include :Steve McQueen's ShameAndrea Arnold's Wuthering HeightsLynne Ramsay's We Need To Talk About KevinPhyllida Lloyd's The Iron LadyFernando Meirelles’s 360Ken Loach’s The Angel’s ShareTerence Davies’s The Deep Blue SeaJames Marsh's Project NimBen Wheatley's Kill ListPeter Strickland’s Berberian Sound StudioMichael Winterbottom’s TrishnaJonathan Glazer’s Under the SkinRecent releases include the American Academy® award-winning The King’s Speech directed by Tom Hooper, Joe Cornish's Attack the Block, Richard Ayoade’s Submarine, Clio Barnard's The Arbor, Nigel Cole's Made in Dagenham, Mike Leigh's Another Year, Peter Mullan's Neds and Max Giwa and Dania Pasquini’s Streetdance 3D.
6 UK Film Tax Relief - eligibility British qualifying filmsIntended for theatrical releaseMinimum UK core spend requirement of 25%Relief available on the lower of:80% of total core expenditure; orthe actual UK core expenditure incurred.FPC (Film Production Company) must be within the UK corporation tax net.Administered through HM Revenue & Customs:
7 UK Film Tax Relief qualifying spend Core spend = production budget from pre production to completion, minus excluded costs (financing, bond, marketing, entertaining, development)UK core spend = Used or Consumed” in UK, irrespective of nationalityNOT the same as co-production spend definition:Co-production = whoTax = whereCosts must be incurred by UK Film Production Company (FPC)
8 UK Film Tax Relief Rebate No cap Direct benefit to the production company – paid through corporation tax return of FPCReliable, paying out on timePossibility for a producer to negotiate equity position(where UK public funders are involved, a recoupment corridor)Plan tax year carefully – interim payment(s) possibleNumber of entities are now cash flowing
9 National and regional funds Creative ScotlandFilm Agency for WalesNorthern Ireland ScreenCreative EnglandFilm London
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