Money money money

One of the main reasons to be in Cannes is to raise money for your film.Festival du Cannes 2011 - UK pavilion

Assuming that you want to make your film rather than simply sell it to a studio, there are a number of finance avenues open to UK independent producers. There has been an awful lot of chatter recently about public funding, or rather the increasing lack of it in the wake of the coalition government’s general clampdown, but much less attention has been given to private funding where, in one area at least, the future looks a lot brighter.

To very little fanfare, the much maligned Mr Osbourne has overhauled the EIS scheme this year. As RSM Tenon were keen to point out yesterday, this has the potential to be very good news indeed for UK independents. Not only has investors’ income tax relief been raised from 20% to 30% (subject to pending EU approval), but from April next year the EIS project limit will jump from £2 million to a whopping £10 million and the individual investor limit will double to £1 million.

Add to this other interesting changes, such as the removal of the UK content requirement (which makes international co-productions much more do-able) and a prohibition on structures which combined multiple EIS funds (and so enabled the scheme to be exploited by studios), and the news just gets better and better.

 

 

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