ASK & DISCUSS INDEX

11 years, 2 months ago - Anita Moukkes

-Actually that isn't strictly true about the 'above one million budget' above- - many many UK Ltd. SMEs have used the PTC for equity invested projects under 500k! there is NO budget limitation.
Most of the smaller companies have made their film using this ... why not ask Nyman Libson and Paul - they are the go to lower budget accountants Dave Morrisson (maybe after cannes now cos he's busy) or Shipleys ?
Bfi, Grant Thornton accts, lots of people have advice about 'qualifying as british film' and getting pre lim certificate... thats why people do it to qualify and the money back! (for example Geneva a Revolution film, was shot entirely in Italky save for one scene in Sweden and they qualified at the old 25 % ' used and consumed ' in the UK laws!... plus possibly ' Me a Chinese ' (Tiger Lily films) again shot entirely in China at the old rules.. PTC % is used as pat of your finance plan as its a non recoupable item ... as its free ! but you do have to cash flow the film - well the rule is ' whoever cash flows the film gets the tax credit' (eg Microwave for example not the producers of the films themselves).

11 years, 2 months ago - Dominic Lester

I'm sorry I'm completely in the dark about this please explain

11 years, 2 months ago - Andrew Morgan

I didn't say you *couldn't* use it - the issue (as I was advised) is that at a certain point, the cost of arranging it (borrowing against the PTC) outweighs any potential positive benefit to the production finances.

11 years, 2 months ago - Parvez Zabier

Good explanation Andrew !

11 years, 2 months ago - Andrew Morgan

The Tax Credit is a rebate of the production costs of making your film - up to 20% depending on the budget - of course, you have to *make* your film first and it has to fulfil the necessary criteria to be eligible. Some production companies use it to secure up-front loans towards the production costs but unless your budget is upwards of a million you're unlikely to be able to use it that way.

11 years, 2 months ago - Marlom Tander

Dom

http://www.britishfilmcommission.org.uk/film-production/uk-film-tax-relief/

http://www.hmrc.gov.uk/manuals/fpcmanual/fpc55000.htm

and of course EIS and (for lower budgets, SEIS).

11 years, 4 months ago - Paddy Robinson-Griffin

It was never really that hard to begin with, and this opens up more European co-productions AIUI :-)

What prevents more amateur enthusiast productions from qualifying is that you need to be a limited company UPV - most will still fall at that hurdle.